An uninhabitable fire-damaged house in Frankston has been snapped up by investors for $105,000 above the reserve. Online bidding for the 400 square metre property at 2/103 Dunsterville Cres started at $125,000 before auctioneer Matt Condon declared the property sold at $245,000 to a couple from a neighbouring suburb who plan to build a new house and rent it out as an investment property.
Ray White Frankston sales agent George Devic said the highest offer before last Saturday’s auction was $150,000. “You can imagine how thrilled the sellers of this estate were with a $245,000 sale price,” he said.
“We had a number of builders and developers that were looking for opportunities to rebuild and on-sell, and most buyers had not physically seen the property because COVID restrictions have been in place through the whole campaign.”