Australia

Grovedale home sells for $135K above reserve

Future development potential drove fierce comptition for a corner Grovedale property which sold for $135,000 above reserve at auction on Saturday.

Five bidders — including two remote buyers locked down in Melbourne — fought for the chance unlock the value of the 1321sq m site at 135 Grove Road.

The three-bedroom house was snapped up for $715,000, selling under the hammer to a buyer on the ground.

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Newtown agent Jason Barnett said bidding opened at $560,000, with 30 bids fired from both online bidders and those on site.

Mr Barnett said he declared the property on the market at $580,000, within the quoted $550,000-$600,000 range.

“It was fact that the house was solid and liveable and they were able to rent it out,” he said.

“The appeal for the two highest bidders was the future subdivision potential.”

But he said the buyer acknowledged he may have to rethink his initial plans for the site after being push to the top of his price range.

The house, on the corner of Dennys Court, is surrounded by multi-unit developments.

Mr Barnett said the street was a good one, with Waurn Ponds Creek walking trails on its doorstep.

The brick house offers an open-plan lounge/dining room, a central kitchen and second meals area that links to a covered patio.

The property also comes with a double garage and a double carport.

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