![1A Dene Ave, Malvern East - for herald sun real estate (High Res)](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
1A Dene Ave, Malvern East, sold for $1.82m on the first Saturday of summer.
A 95-year-old Melbourne property investor has sold a Malvern East home he bought almost 40 years ago for a more than $1.7m profit.
Graham Long was in his 50s when he and wife Patricia decided to buy the 1A Dene Ave house, not far from where they lived.
It wasn’t their first investment, and he’s revealed the rationale that went into buying it was its proximity to the local school, train station and shops.
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At the time, real estate records show the pair paid just $78,000.
When the home went under the hammer on Saturday the first bid was $1.65m and the home was called on the market at $1.76m.
With three bidders chasing it, the home eventually sold for $1.82m.
Belle Property director Steve Burke handled the sale and said they had done “very well”, with rental returns over 38 years likely to have added substantially to the investment’s return.
The home was kept well maintained and fresh, but substantive renovations were limited.
“I couldn’t recall anyone holding an investment for almost 40 years, it’s quite extraordinary,” Mr Burke said.
Tips from Graham Long, 95-year-old property investor
+ Buy where you know;
+ Buy investments you’re prepared to own for decades;
+ Try to lease to professional couples;
+ Buy homes that won’t need much maintenance;
+ Don’t leave maintenance issues to linger;
+ Consider the location very carefully for amenities to attract the right tenants; and
+ Buy homes that “feel good” when you walk inside.
But Mr Long’s son, Damian Long, said rather than the price it was that a young couple had bought the home to live in that his parents had been most happy about.
The three-bedroom property, in which he himself was a tenant for a while, needed only minimal upkeep throughout that time — most of that done after a severe hailstorm damaged the roof and kitchen.
However, any time work was needed his father dealt with it immediately.
The home’s living areas are light and bright, and suited to young professional couples.
“He was an engineer and pretty handy, so he understood the value of maintenance — the longer you leave it, the harder it is to get it back up to speed,” Mr Long said.
When the auction started there were no nerves for Mr Long senior, with his son noting he was “cool as a cucumber”.
With three bidders competing for the home, his sone said he was particularly pleased with the keys going to a young professional couple much like the tenants he’d had in the home over the years.
The home’s kitchen was renovated after hail damage about 10 years ago.
“The new buyers said the house has good karma, and it’s right — you go in there and it just feels very welcoming,” Mr Long said.
Mr Burke said the home would likely get a renovation by its new owners, and the strong result showed that a good location would help a home sell in any market.
Mr Long senior and his wife Patricia will relocate to Queensland where they have a number of great grand kids.
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