Upsizers see higher worth as Grovedale dwelling beats reserve by $100K

2 Maramba Ave, Grovedale, offered for $1 million at public sale on October 23.


A Grovedale dwelling achieved a seven-figure sum as homebuyers trying to improve edged out circling builders at a weekend public sale.

The 1153sq m property at 2 Maramba Ave offered for $1 million on Saturday, smashing the reserve worth by $100,000.

5 bidders contested the public sale for the property, which had attracted a slew of buyers trying to carve up the nook web site to maximise their earnings from a future redevelopment.

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However Hayeswinckle agent Yan Lin mentioned they didn’t rely on the emotional energy of the consumers who have been trying on the four-bedroom home as a future residence.

The brick veneer home contained 4 bedrooms, two bogs and two dwelling areas, plus an enormous yard and lined parking area for 4 automobiles.

2 Maramba Ave, Grovedale, offered for $1 million at public sale on October 23.


It’s near Grovedale West Major Faculty and Grovedale School.

“That they had offered a few weeks in the past and the placement of that one shouldn’t be too distant from them,” Ms Lin mentioned.

“The persons are upsizing from the identical space.”

Ms Lin mentioned a number of consumers have been trying on the property as a juicy improvement prospect.

She mentioned one had given indication that $850,000 can be the magic quantity to make sure a 40 per cent revenue margin.

2 Maramba Ave, Grovedale, offered for $1 million at public sale on October 23.


A consumers advocate representing one other Melbourne developer dropped out of the race at $970,000.

However two bidders stored the competition working, edging the value for $1 million.

The tackle joins 11 different homes to attain seven-figure sums within the suburb the place the median home worth solely reached $613,000 in October.

It’s the primary time the property was listed on the market after 26 years.

The home occupied the 575sq m nook block with a second storage and the yard comprising 579sq m second lot.

2 Maramba Ave, Grovedale, offered for $1 million at public sale on October 23.


The property was listed with worth hopes of $799,000 to $879,000.

The auctioneer declared it available on the market as the value hit $900,000.

“In Grovedale, the common worth is $650,000 to $700,000, so this was one other stage for Grovedale consumers,” Ms Lin mentioned.

“For the builders, ideally they’ve received two titles, so they might maintain the unique home and so they may apply for 2 titles (one the second block) to have three all collectively, and promote them for $600,000 to $650,000 every and so they may get $550,000 revenue in two years time.”

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