Aspendale waterfront buying interest tide rising

A run down waterfront house in Aspendale has sold for over a million dollars, indicating that demand for waterfront properties is strong.  

The house, located at 7 Gladstone Avenue, sold at auction last month for $1,060,000 through O’Brien Real Estate Chelsea.  

Stavros Ambatzidis of O’Brien Real Estate told Property Observer that the condition of the property was not at its best.  

“It was very run down – we were just selling land value there. It wasn’t selling much more than land value,” he said.  

He added that the auction received a great response, with the final result at a higher than expected price.  

“We had about 100 people at the auction, with very strong bidding. We had 10 registered bidders.  

“It sold above $110,000 over what I expected,” Ambatzidis said.  

A report on news.com.au stated that the successful bidders were a pair of sisters who are hoping to create a dream home for their 90-year-old mum.  

Ambatzidis noted that another run down property at 1 Osprey Lane in Carrum also sold for over a million dollars recently.  

“There’s been a demand for them, as there are not many waterfront properties.  

“Waterfront properties are of a rare nature. There's really only waterfront properties that exist in the Chelsea area,” he said in response to the recent sales.  

According to the latest RP Data report, the median house price in Aspendale currently stands at $615,000, up 1.2% on last year. The average discount required to sell a house is 5.5%, while private treaty sales average 74 days on market.  

The median asking rent for houses in Aspendale is currently $430 per week, and the average rental yield stands at 3.6%.