10 Alfred Place, Frankston, sold for more than $ 1.11 million in a shock result for the once affordable suburb.
A family in Melbourne saw the Frankston Investment Property that they bought six years ago yesterday, an auction of $ 1.11 million showed up that had a bid struggle that doubled what they paid.
Jacob and Tealeal were yesterday in “a little shock” after the sale of 10 Alfred Place, which rose far beyond the expected selling price of $ 775,000- $ 850,000.
With five bidders fighting for the house with three bedrooms, and another seven registered who did not get the chance to make an offer, it was sold on the first bid of $ 855,000 and sold for $ 1.11 million.
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The couple renovated the house before it was sold, and added a second bathroom and an extra bedroom to the map and a new kitchen.
But it was the location on a corner with a reach for a subdivision that turned out to be a large draw for investors, so that the door opened for a second home to be added to the back.
“We bought it because of the land size and the potential of the current block,” said Jacob.
The trading was planning to develop it itself until their circumstances changed.
After seeing a series of interest rates this year, they decided to mention it for sale.
![10 Alfred Place, Frankston - for Herald Sun Real Estate](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
A style-heavy renovation gave the house a new lease of life.
They also added a bedroom to the map.
“We thought it was now or never for us to sell it, after the interest rates,” said Jacob.
“I know how much work we put into it, and we absolutely did what we could get to get the highest amount, but to get over $ 1 million was a surprise.”
The family of six still has to find out what they will do with the windfall, which is $ 350,000 above the average house price of $ 760,000.
Terry Wheeler from Ray White used the list and said it had “absolutely beyond” expectations.
“It was the perfect real estate to sell in this market,” Wheeler said.
“We have a lot of interstate and local investors looking for subdivision potential.
“So I was convinced that it would go well, but not to this level.”
A new bathroom replaced the former laundry of the house.
The house had two street fathers and opened the possibility that a second house will be added the back to make the building even more valuable.
The agent said that all 12 registered buyers had been investors, although many had been silenced by the pace of bidding.
Although Mr. Wheeler said that the block was quite unique with his corner location, potential to have further houses add and the scope to use a tenant immediately to collect an income from it, the result was a game exchanger for the suburb.
“This will have to set the bar for that kind of property,” he said.
“$ 1 million-plus sale has happened in the past. But not so much for the size of this property or in this area.”
Ray White Chief Auctioneer Jeremy Tyrrell carried out the auction and said that the buyer was an investor who saw Frankston as an emerging area and that the beautiful renovation and reach of the house to add value, since the two street façades had made it a perfect choice.
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