A friend of mine just sold house in Holland Park East, A very attractive suburb about 7km from the city centre. The suburb is surrounded by good schools and has a choice of very good shopping centres
The house was bought for about 350k 10 year ago. It was a good buy at the the time. It's in a quiet street, on a corner,on land that is very high. It is a low single story house. What kept the pricw down is the area is made up of low budget post second world war houses of which it is one. Its floor area is about 110 square metres plus a double garage. The house block is 550 m2. It has one bath and toilet.
It has had about 100k in renovations. The bath room was modernised. A large deck was added.
I think the vendors were expecting at most $720K.
But they did much better. They got $870K. The house was only briefly on the market. When they had the open house they had 160 people come. They because of Covid 19 had to queue up on the footpath. Personaly I am gobsmacked that anyone would pay that much for a house so tiny.
A look a Real Estate.dot showed that's the market very high prices for houses that were selling for up to 250K cheaper months before.
