Devon Meadows, Victoria mortgagee acreage sold after five years on market

A Devon Meadows, Victoria acreage home has been sold for $800,000.

The home spent almost five years on market seeking $950,000 before being taken off market and relisted as a mortgagee.

It then sold after a one month marketing campagn.

Matt Dewan and Brent Day of Obrien Real estate marketed the property.

Situated at 1874 South Gippsland Highway, the home sits on 2.5 acres (9,152 sqm).

A three bedroom, one bathroom abode is positioned on the holding

The property last traded for $300,000 in 2005.

It is located a short drive to the heart of Cranbourne and according to the listing, "with some TLC this property is a land-owner's dream and once completed will make the ideal country retreat."

The median sale price for a home in Devon Meadows is $644,000 according to the latest CoreLogic data.