Property sales soar, reserve prices exceeded

Whittlesea suburbs sought for their good infrastructure, transport links and proximity to employment

The three-bedroom house at 1 Linton Drive, Thomastown sold at auction for $100,000 more t

SEVEN Whittlesea suburbs are among Melbourne’s most affordable growth areas, according to property website hotpotting.com.au.

Real estate expert Terry Ryder said buyers were drawn to these suburbs for their strong infrastructure, good transport links and proximity to employment centres.

According to RP Data, 2148 houses were sold in the City of Whittlesea in 2013, compared with 1561 the previous year — an increase of 37.6 per cent.

Showing the highest volumes of house sales over the past 12 months were Mill Park (339), Bundoora (298) and Thomastown (203).

The number of house sales grew by 36 per cent in Thomastown where the median sale price rose by 7.2 per cent to $386,000.

First time on the market in 24 years, the three-bedroom house at 1 Linton Drive, Thomastown, sold a few weeks ago for $563,000 — $100,000 above its reserve price.

Harcourts Thomastown’s Ilia Menkinoski said more than 200 people attended the auction that saw intense bidding from buyers.

A family from Malvern bought the home.

Mr Menkinoski said Thomastown was popular due to its variety of affordable properties, solid older-style homes and amenities.

“The suburb’s image is changing,” said Mr Menkinoski, commenting on the emerging cafe culture and new restaurants.

Chris Moxon, of Barry Plant Mill Park, said he had seen a rise in buyer confidence, particularly from investors and migrants.

His agency sold 2 Raffindale Court, Mill Park, with a rental potential of $400 a week, to an investor for $430,000.

An investor bought 2 Raffindale Court, Mill Park.

“There has been an ongoing trend since the mid-1990s to move north towards the Plenty Rd area, where homes are bigger and better in value,” Mr Moxon said.

“Mill Park is central to the Ring Rd, public transport, shopping centres, schools and universities.”

— christine.desilva @news.com.au