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'Trendy' to acreage: The Bid Brief

'Trendy' to acreage: The Bid Brief

By Ryan Ellem on May 24 2018

With a commute to the CBD of less than an hour, Melbourne-based buyers yearning for acreage are turning to affordable communities in the city’s north.

On the cusp of the Goulburn Valley and serviced by the Hume Freeway and V-Line, commuters utilising Wallan Train Station can step on to the platforms at Southern Cross in under an hour.

Underpinned by these features, LJ Hooker Wallan’s Stuart Rimmer estimates that Melbourne-based buyers accounted 90 per cent of the region’s sales in the last 12 months, seeking an affordable alternative to suburban living.

“There’s significant expansion under way in the northern growth corridor, with master-planned communities like Merrifield and Cloverton neighbouring Wallan bringing tens of thousands of new residents to the area with a suite of house and land packages,” said Mr Rimmer.

“Separate to these house and land offerings, there's a small number of lifestyle opportunities available through the area, where you can get 300sqm of living, a triple garage on acreage for around the median price of a home in Melbourne.”

One such lifestyle offering was a listing at neighbouring Wandong. Mr Rimmer had the property slated for auction on Saturday but cancelled the event after a buyer - again, from Melbourne - submitted an offer above the guide of $775,000 - $795,000.  Twenty-six groups had inspected the home over the campaign period.

The contract on the Wandong property carried on LJ Hooker’s auction activity this week. In Queensland, LJ Hooker Nerang held an in-room event on Wednesday evening with a hobby-farm selling under the hammer for $766,000 through auction agent Julie Morgan-Kemp. Six bidders competed for the lot on the program.

It was the first time the acreage property in Clagiraba, perched in the Gold Coast’s Hinterland, had been taken to market in 35 years.

“It’s across 14 acres and is a renovator,” said Mrs Morgan-Kemp. “It’s perfectly presented as a hobby-farm for a family with plenty of room for horses and other pets, with opportunities to value-add through renovation.

“It offers an incredible rural lifestyle, while the beaches, shopping and restaurants of Surfers Paradise and Broadbeach are only 30 minutes away.

“With the completion of the Commonwealth Games, the Gold Coast has benefitted from additional amenities and infrastructure, complementing its city image.”

In Western Australia, LJ Hooker City Residential Perth will place under the hammer 4 Stone Street in Maylands on Saturday. With views of the Swan River from the loungeroom, the four-bedroom home is on a manageable 458sqm block only six kilometres from the CBD.

Maylands was named one of Australia’s ‘trendiest suburbs’ last year by global travel guide Lonely Planet, whose contributors recognised its emergent café and bar culture, comparing it to other up-and-coming suburbs including Newstead in Brisbane and Adelaide’s West End.

Auction agent Ellie Webster said the campaign had brought out families and downsizers who still wanted the characteristics of a classic home without the challenges of maintenance.

“Stone Street is in a pocket of Maylands which is extremely tightly held, averaging only three sales a year,” said Ms Webster. “The median house price in Maylands is around $600,000, making it an affordable option compared to nearby suburbs such as Highgate (median house price of $815,000 according to CoreLogic) or Mount Lawley (median of $934,000).”

The Stone Street address will go under the hammer at 11am on Saturday.

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