122 McLaughlin St, Ardeer, has broken the $1m price barrier.
A house in Melbourne’s west has set a new suburb record after changing hands for $1.002m, a sum which stunned both the owners and agent.
Ray White Sunshine managing director Marcus Fregonese said the Ardeer home’s sale demonstrated the current massive demand from interstate investors for residences in the area.
The renovated three-bedroom abode at 122 McLaughlin St,[1] set on a 601sq m block, was snapped up by a Sydney-based investor.
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The house was scheduled to go under the hammer on Saturday but a buyer put in an early $950,000 offer on Friday.
This figure was already $100,000 above the $750,000-$850,000 asking range.
“We didn’t expect to have an offer like that pre-auction, it kind of blew me away and also the owners,” Mr Fregonese said.
He contacted other interested buyers and the residence ended up selling to the Sydney investor.
The $1.002m sale price set a new suburb benchmark for a house that wasn’t marketed as a potential development site.
There’s hardwood floors in the living and dining areas.
Public records show four other Ardeer houses have sold for $1.025m-plus but they were all set on blocks of 1900sq m or larger.
Mr Fregonese said most of the area’s land parcels bigger than 800sq m lent themselves to development opportunities.
The no. 122 Mclaughlin St house features a separate self-contained studio with its own bedroom, bathroom and kitchenette.
The house is close to Ardeer South Primary School, Marian College, parks and the Kororoit Creek Trail.
The main residence has two bathrooms, a 10kw solar system and a kitchen fitted with a Bosch induction cooktop, pyrolytic double oven and Zip tap filtered for sparkling, hot and cold water.
Mr Fregonese said an unprecedented number of interstate investors were wanting to buy homes in his region of Melbourne’s inner west which includes Sunshine and Albion, after many Victorian investors sold up last year following the state government raising land taxes in 2024.
There’s a newly-built deck and low-maintenance garden planted with native Australian greenery.
“I haven’t seen this many investors come into the market, or interstate investors come into a market, in 18 years of real estate,” Mr Fregonese added.
He noted the types of properties available in Melbourne’s inner west “screams value and affordability compared to what they can get in 15km from Sydney or Brisbane”.
“I think yields probably aren’t as good as NSW and Queensland,” he added.
And investors are competing with Victorian first-home buyers to secure affordable homes.
One of the two bathrooms in the main house.
Mr Fregonese said the situation would likely intensify from October 1, when the federal government’s Home Guarantee scheme will lift price caps and income thresholds for first-home buyers with a 5 per cent deposit.
Eligible buyers will be able secure a Melbourne home priced at $950,000 or less under the program, compared to the current $800,000 cap.
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References
- ^ www.realestate.com.au (www.realestate.com.au)
- ^ www.realestate.com.au (www.realestate.com.au)
- ^ www.realestate.com.au (www.realestate.com.au)
- ^ www.realestate.com.au (www.realestate.com.au)
- ^ www.newsletters.news.com.au (www.newsletters.news.com.au)
- ^ www.realestate.com.au (www.realestate.com.au)
- ^ www.realestate.com.au (www.realestate.com.au)
- ^ www.realestate.com.au (www.realestate.com.au)