Ballarat investor snaps up Manor Lakes house outbidding first homebuyers

Investor alert: A regional Victorian investor from Ballarat has outbid first house consumers in a nail biting public sale in Melbourne’s outer southwest.

Traders are eyeing off Melbourne’s outer southwestern suburbs after a three-bedroom, two-bathroom house offered beneath the hammer outbidding first homebuyers.

The last decade outdated house at 50 Hawkstone Rd, Manor Lakes went to public sale this morning with 4 registered bidders – three first homebuyers and one investor from Ballarat on the cellphone.

The public sale kicked off with a powerful opening bid of $400,000, steadily climbing previous its $480,000 reserve earlier than the ultimate bid of $500,000 was made – ending $20,000 above expectations.

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Ray White Werribee’s Rene Mawad stated the outcome for the Manor Lakes house displays renewed curiosity in established houses, notably in Melbourne’s west, the place robust rental demand makes for engaging funding alternatives.

“The property was bought by a cellphone bidder from Ballarat, and it seems they’re an investor,” Mr Mawad stated.

The residing space of the Manor Lakes house is vibrant and ethereal.

Ray White Werribee’s Rene Mawad stated the Manor Lakes’ public sale was a very good signal that buyers would return to the market within the western suburbs.

“It’s been some time since we’ve seen buyers actively shopping for, so it was refreshing to see somebody from that group step in and observe by to the tip.

“It’s a promising signal amid all the primary homebuyers we’ve been coping with just lately.”

Mr Mawad stated he hopes extra buyers buy houses out within the west because of the demographic desperately needing leases.

This decade-old property features a modern kitchen with ample storage and pure gentle.

Manor Lakes continues to draw first homebuyers and buyers alike.

“This space has a excessive proportion of renters, so it’s a great place for somebody seeking to begin with funding properties,” he stated.

“There’s a gentle tenant base, which supplies buyers confidence.

“If rents hold rising because of the lack of obtainable properties, buyers will begin to see the potential.”

The spacious low upkeep yard is good for youths or pets.

Your entire house is decked out with new floating flooring.

“The house itself is low upkeep, however it nonetheless has a little bit of yard for somebody with younger kids or a small pet – which is able to make it good for the brand new purchaser as an funding.

Mr Mawad stated with rates of interest but to drop, the present market is presenting a singular alternative for consumers hoping to safe a house earlier than Christmas and with charges set to say no within the new yr costs will rise, making now a great time to enter the market.

“The most effective time to purchase is when there’s a tonne of uncertainty and a trough available in the market,” he stated.

Ray White Werribee’s Rene Mawad stated robust rental demand within the west is a “future proof” funding.

Three first homebuyers missed out on hopes to snap up a house on this aspect of Christmas.

“Wouldn’t you relatively purchase now, when costs are low, and begin constructing fairness? Established houses are a stable alternative proper now, particularly with building slowing down.

“Manor Lakes is only one instance of how Melbourne’s western suburbs are ripe for funding, with properties priced attractively for each first-home consumers and seasoned buyers – consumers must act rapidly.”

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