Armadale mortgagee home development site sold for $550,000 loss

Staff reporterMarch 18, 20200 min read

A circa 1920's Armadale, Victoria home has been sold via a March auction for $2.32 million.

It came with a $2 million - $2.2 million dollar price guide and a planning permit for six apartments and one penthouse.

Situated at 62 Kooyong Road, the listing does note that there is potential to renovate the existing brick home or knock it down and rebuild.

Mark Wridgway and James Paull or RT Edgeway marketed the home.

The existing house is a five bedroom, one bathroom abode.

Set on 706 sqm, the home has been listed for $500,000 less than what it prevously sold for.

It last sold for $2,860,000 in 2018.

The home was listed as a rental in 2018 seeking $875/pw.

The median price for a house in Armadale is $1.875 million according to CoreLogic data.

Staff reporter

Tags:
Armadale
Mortgagee Listing
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