Upsizers cement renovated Highton home’s big gains

Upsizers cement renovated Highton home’s big gains nmprofetimg 1430
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50 Reigate Rd, Highton, sold after auction on Saturday.

The value of a Highton home has increased more than $300,000 since it was flipped in 2015.

The four-bedroom house at 50 Reigate Rd sold on Saturday to a Belmont family looking to upsize.

The property was passed in at Saturday’s auction for $690,000, after two potential buyers vied for the right to exclusively negotiate on the property.

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Barry Plant, Highton agent Kieron Hunter said the highest bidder later agreed to pay $770,000 for the 789sq m property.

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Auctioneer Kieron Hunter.

The house was flipped in 2015, with CoreLogic records showing the value of the house jumped from $435,000 to $650,000 in 2016 after the renovation.

After Saturday’s sale, the value of the property has risen $335,000 in five years.

Highton’s median house price climbed 2.4 per cent in 12 months to $695,000 in March, according to Hometrack.

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The highest bidder, left, entered the auction late.

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Another buyer, centre, vied for the right to negotiate after the auction.

The four-bedroom house included a main bedroom with an ensuite and parents’ retreat, a study, formal loungeroom, plus an open-plan kitchen overlooking a family room linked to an outdoor entertainment area.

The renovation added stainless steel appliances, concrete benchtops, while the house has ducted heating and ducting vacuum.

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The loungeroom has a full view of the backyard.

But it appeared that predicted interest in the property may have evaporated after no-one was forthcoming with a bid on Saturday.

Mr Hunter eventually opened with a $680,000 vendor bid, which, after going inside to speak with his vendor, coaxed a $1000 offer from the eventual buyer for the right to negotiate.

A second buyer also stepped forward, but both were wary not to get into a bidding war.

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Covered space for outdoor.

Mr Hunter said the house offered both Belmont High School and Montpellier Primary School zoning, which was a key reason the vendor purchased it in the first place.

“You can see all the hard work done renovating the property, which is very accommodating and with the wide-screen view of the backyard from the kitchen and living space is ideal,” he said.

Mr Hunter said the buyers were looking to upsize to a bigger home.