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Investor alert: A regional Victorian investor from Ballarat has outbid first home buyers in a nail biting auction in Melbourne’s outer southwest.
Investors are eyeing off Melbourne’s outer southwestern suburbs after a three-bedroom, two-bathroom home sold under the hammer outbidding first homebuyers.
The decade old home at 50 Hawkstone Rd, Manor Lakes went to auction this morning with four registered bidders – three first homebuyers and one investor from Ballarat on the phone.
The auction kicked off with a strong opening bid of $400,000, steadily climbing past its $480,000 reserve before the final bid of $500,000 was made – finishing $20,000 above expectations.
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Ray White Werribee’s Rene Mawad said the result for the Manor Lakes home reflects renewed interest in established homes, particularly in Melbourne’s west, where strong rental demand makes for attractive investment opportunities.
“The property was purchased by a phone bidder from Ballarat, and it turns out they’re an investor,” Mr Mawad said.
The living area of the Manor Lakes home is bright and airy.
Ray White Werribee’s Rene Mawad said the Manor Lakes’ auction was a good sign that investors would return to the market in the western suburbs.
“It’s been a while since we’ve seen investors actively buying, so it was refreshing to see someone from that group step in and follow through to the end.
“It’s a promising sign amid all the first-home buyers we’ve been dealing with recently.”
Mr Mawad said he hopes more investors purchase homes out in the west due to the demographic desperately needing rentals.
This decade-old property includes a sleek kitchen with ample storage and natural light.
Manor Lakes continues to attract first homebuyers and investors alike.
“This area has a high proportion of renters, so it’s an ideal place for someone looking to start with investment properties,” he said.
“There’s a steady tenant base, which gives investors confidence.
“If rents keep rising due to the lack of available properties, investors will start to see the potential.”
The spacious low maintenance backyard is ideal for kids or pets.
The entire home is decked out with new floating floors.
“The home itself is low maintenance, but it still has a bit of backyard for someone with young children or a small pet – which will make it perfect for the new buyer as an investment.
Mr Mawad said with interest rates yet to drop, the current market is presenting a unique opportunity for buyers hoping to secure a home before Christmas and with rates set to decline in the new year prices will rise, making now an ideal time to enter the market.
“The best time to buy is when there’s a tonne of uncertainty and a trough in the market,” he said.
Ray White Werribee’s Rene Mawad said strong rental demand in the west is a “future proof” investment.
Three first homebuyers missed out on hopes to snap up a home on this side of Christmas.
“Wouldn’t you rather buy now, when prices are low, and start building equity? Established homes are a solid choice right now, especially with construction slowing down.
“Manor Lakes is just one example of how Melbourne’s western suburbs are ripe for investment, with properties priced attractively for both first-home buyers and seasoned investors – buyers need to act quickly.”
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