A NEWMARKET house bought as an investment property almost three decades ago has sold under the hammer for seven times what the owners paid for it.
Grey nomads Ray and Janet Kirkman bought the four bedroom house at 29 Robe St for $110,000 back in 1990, and it has been rented ever since.
The couple said they only upgraded a few things to the house over the 28 years, labelling it a “great investment”. “Location, location, location,” Mrs Kirkman said.
Bidding started at $650,000, with three bidders raising their hand or paddle. It stalled at $710,000, but private negotiations secured an offer of $775,000 and the auction continued.
No other offers were made, and the house was sold to Tom and Tiffany Kornacki, who said the outlook, position and location of the house was what drew them in.
“Not sure what we are going to do yet, demolish or incorporate the old house in to a new build,” Mrs Kornacki said.
Mr Kornacki said they lived nearby, and were ready for a new project.
Ray White auctioneer Mitch Peereboom said the vendors would now look at moving to Toowoomba, and were please to start their next chapter.
“This marketplace is performing really well. People want the positions where there is that capital growth,” he said. As of 3pm, Mr Peereboom had sold five out of seven properties, saying it was a sign that confidence had returned to the market since the start of the new financial year.
At Highgate Hill, Ray White auctioneer Phil Parker sold two for two.
Written by Samantha Healy for the Courier Mail, Article online on realestate.com.au
Nerida Conisbee Ray White Group Chief Economist There have been a lot of people, events and policies blamed for Australia’s low levels of housing affordability. Ranging from negative gearing, high interest rates, investors, developers, migrants, students, planners, government and the list goes on. And while the reasons are complex, there … Read more
Nerida Conisbee Ray White Group Chief Economist Perth, Adelaide and Brisbane continued their runaway growth in May with all cities now recording year-on-year growth of in excess of 14 per cent. Perth continued its strong run with prices up over 24 per cent over the past year for houses and … Read more