Upsizers cement renovated Highton home’s big gains
A family looking to upsize seized their chance to buy a renovated Highton home after auction, cementing a $300K rise in value over five years.
The value of a Highton home has increased more than $300,000 since it was flipped in 2015.
The four-bedroom house at 50 Reigate Rd sold on Saturday to a Belmont family looking to upsize.
The property was passed in at Saturday’s auction for $690,000, after two potential buyers vied for the right to exclusively negotiate on the property.
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Barry Plant, Highton agent Kieron Hunter said the highest bidder later agreed to pay $770,000 for the 789sq m property.
The house was flipped in 2015, with CoreLogic records showing the value of the house jumped from $435,000 to $650,000 in 2016 after the renovation.
After Saturday’s sale, the value of the property has risen $335,000 in five years.
Highton’s median house price climbed 2.4 per cent in 12 months to $695,000 in March, according to Hometrack.
The four-bedroom house included a main bedroom with an ensuite and parents’ retreat, a study, formal loungeroom, plus an open-plan kitchen overlooking a family room linked to an outdoor entertainment area.
The renovation added stainless steel appliances, concrete benchtops, while the house has ducted heating and ducting vacuum.
But it appeared that predicted interest in the property may have evaporated after no-one was forthcoming with a bid on Saturday.
Mr Hunter eventually opened with a $680,000 vendor bid, which, after going inside to speak with his vendor, coaxed a $1000 offer from the eventual buyer for the right to negotiate.
A second buyer also stepped forward, but both were wary not to get into a bidding war.
Mr Hunter said the house offered both Belmont High School and Montpellier Primary School zoning, which was a key reason the vendor purchased it in the first place.
“You can see all the hard work done renovating the property, which is very accommodating and with the wide-screen view of the backyard from the kitchen and living space is ideal,” he said.
Mr Hunter said the buyers were looking to upsize to a bigger home.
Originally published as Upsizers cement renovated Highton home’s big gains