A Hoppers Crossing house has sold for $1.3 million, almost 24 per cent more than when it last changed hands eight months ago.
The four-bedroom, two-bathroom house at 641 Tarneit Road fetched $1.05 million when it was auctioned in November last year.
It was sold for $200,000 in 1997.
Raine & Horne sales executive Joh Bauch said the size of the 4091-square metre-block was its biggest drawcard.
“On Tarneit Road, there are blocks of that size, but once they’re gone, they’re gone,” he said.
“They [the purchaser] will probably subdivide. The property is so big it backs onto about five or six smaller residential blocks.”
The sale goes down in history as Mr Bauch’s biggest to date.
He said the price far exceeds the average property price in Hoppers Crossing.
The Real Estate Institute of Victoria (REIV), puts the median price for a three-bedroom house in Hoppers Crossing at $390,000. New REIV data shows outer Melbourne’s median house price in the June quarter was $568,000.
In the three months to June 30, Melbourne’s median house price increased 3.6 per cent to a record-high $725,000, in defiance of a slowing economy and moderating national market.
REIV chief executive Geoff White said the latest quarterly figures indicate real strength in the Victorian market. He said growth was widespread across the Melbourne CBD, and at both ends of the property market.
Meanwhile, Joh Bauch described Hoppers Crossing as “hot property”.
“The turnover is quite good. People are very interested in the area.”