These Belmont properties at 59 Laura Ave and 22 Iona Ave have sold beyond expectations.
The delights of the renovator in the ring around Belmont High School are proving popular, as buyers demonstrate a new-found willingness to roll up their sleeves.
The federal government’s 5% down payment program for first-time home buyers is fueling competition for first-time homebuyers in the area.
The latest to change hands is a three-bedroom home at 59 Laura Ave, Belmont, which exceeded top price expectations by $36,000 to sell for $715,000.
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The log home, which had been updated over the years, was advertised with a guide of $629,000 to $679,000 but generated competition from the start, said Ray White, Highton agent George Politis.
“We had about 20 groups during the first open and we ended up going back and forth with three or four buyers,” he said.
“It was a nice little renovated building and an investor from out of town got it.”
He said investors were back in the market, but first home buyers were also heading to Belmont.
“There are a lot of first-home buyers, and since the five percent subsidy came in, a huge market has emerged,” Politis said.
“Anything under $800,000-$850,000 just flies out the door.”
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59 Laura Ave, Belmont, had been renovated, including the kitchen.
Another nearby original home at 22 Iona Ave, Belmont, sold for $75,000 above expectations at a pre-Christmas auction.
A Melton couple buying a first home paid $725,000 for the triple room, which was advertised for $600,000 to $650,000.
They had missed out on four other properties, including an original brick house at 11 Brocka Ave, Belmont, which sold for $100,000 above reserve in November despite needing a huge amount of work.
The new owners of 22 Iona Ave, Belmont, are planning to renovate.
The house as two living rooms and a separate kitchen.
Mr Politis said 12 months ago he was advising sellers to carry out the updates themselves before putting them on the market as refurbishment projects loomed, but that was changing.
“Everyone is coming back to the idea: Let’s buy the worst house on the best street and see how it goes,” he said.
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