Its presentation “wasn’t amazing”. But this flat-roofed home just gifted its owner a 45 per cent profit after a competitive weekend auction.
The three-bedroom home at 208 Woodford Rd, Elizabeth North sold under the hammer for $615,000 at its Saturday auction, scoring its owner a $190,000 profit in just 10 months.
Selling agent Brijesh Mishra of Ray White Para Hills said the home – which last sold in 2023 – proved hot property with investors, who made up around 90 per cent of buyers.
“We had 12 registered bidders, which is massive, especially as the property is just a flat-roof house, still tenanted – so the presentation wasn’t amazing or great,” he said.
“It ended up selling to an investor from Sydney sight unseen – he was one of two investors from interstate out of the 12 bidders, the rest were local.
“The home sold $55,000 above reserve.”
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Last sold in 2023, this flat-roofed home just scored its owner a $190,000 profit at auction.
The three-bedroom home is currently tenanted, making it an ideal investment.
Polished floorboards and an updated kitchen are a highlight of the home.
Situated on a 740sq m corner allotment, the residence was marketed as the ideal starting block for younger buyers or an intriguing investment opportunity for shrewd entrepreneurs.
The home featured polished timber floors throughout, an updated corner kitchen, three bedrooms, an upgraded bathroom and a large yard with a galvanised iron lockup garage.
A great location close to local reserves, schools and easy access to public transport was an additional bonus.
Mr Mishra said Elizabeth North and surrounding suburbs had gone from strength-to-strength since the pandemic, with the northern suburb recording a 115.4 per cent increase in house prices since 2021.
The home is located close to schools, parks and sits on a large corner allotment.
The residence also features an updated bathroom.
A large yard offers plenty of room for kids and pets to play.
The average home now sells for $420,000, according to PropTrack, while investors stand to pocket yields of over 5 per cent, based on weekly rents of $430.
“If you asked me if we could have seen sale prices (of over $600,000) in Elizabeth North before Covid, I would have said no,” he said.
“But from Covid, we kind of knew that we would see an increase in prices, as people knew this area was cheap.
“We still didn’t expect to see $615,000 for a home – more like, $550,000, so this result is amazing … but I do think that prices have now reached their peak.”
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