Ferntree Gully owner reaps $205000 price rise in two years – NEWS.com.au

A LAST-minute bidder for a dated Ferntree Gully weatherboard house has helped it sell $85,000 above reserve.

The Box Hill bidder was among five potential buyers at the auction of the two-bedroom home at 27 Malua Rd which fetched $775,000.

The strong result surprised the vendor and the agent who had expected a price around $700,000.

The vendor from Bundoora had a windfall, having paid $570,000 for the original home two years earlier.

It meant the price had risen $205,000 over the short period, Noel Jones Box Hill agent Tony Kwan said.

“The underbidder appeared on the day, saw the property for the first time and bid strongly,” Mr Kwan said.

“Without her, the price would not have gone up so much.”

The property on 733sq m had a reserve of $690,000 and sold to another investor from Doncaster.

“The buyer will land bank the property and lease it out with rental around $340 a week,” Mr Kwan noted.

He said the vendor and potential buyers had come from outside Ferntree Gully in search of affordable properties.

“The underbidder said she couldn’t find a house for under $700,000 in Whitehorse and had to come over to Knox,” Mr Kwan said.

The property is neat with an open-plan kitchen and meals area, single bathroom, spacious backyard and a single carport.