These Belmont properties at 59 Laura Ave and 22 Iona Ave sold above expectation.
Renovator’s delights in the ring around Belmont High School are proving hot property as buyers show a new-found willingness to roll up their sleeves.
The Federal Government’s first-home buyers’ 5 per cent deposit scheme is fanning competition for entry-level prospects in the neighbourhood.
The latest to change hands is a three-bedroom house at 59 Laura Ave, Belmont, which beat top price hopes by $36,000 to sell for $715,000.
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The weatherboard home, which had been updated over the years, had been advertised with a $629,000 to $679,000 guide but sparked competition from the get-go, according to Ray White, Highton agent George Politis.
“We had about 20 groups through in the first open and ended up going back and forth with three or four buyers,” he said.
“It was a nice little renovated place and an investor from out of town got it.”
He said investors were back in the market, but first-home buyers were also making a beeline for Belmont.
“There is a lot of first-home buyers, since that five per cent grant came in that has been a massive market,” Mr Politis said.
“Anything under that $800,000-$850,000 is just flying out the door.”
59 Laura Ave, Belmont, had been renovated, including the kitchen.
Another nearby original house at 22 Iona Ave, Belmont, sold $75,000 above expectation at a pre-Christmas auction.
A Melton first-home buyer couple paid $725,000 for the three-bedder, which was advertised for $600,000 to $650,000.
They had missed out on four other properties, including an original clinker brick house at 11 Brocka Ave, Belmont, which sold $100,000 over 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 vendors to do the updates themselves before listing because renovation projects were on the nose, but that was changing.
“Everyone is coming back to the idea of let’s buy the worst house in the best street and see how we go,” he said.
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