Kelly O'Dwyer FIRB review triggering Chinese panic buying claims after 24% Glen Waverley three month price hike
A Glen Waverley house sold in early June by private treaty at $1.1 million resold at weekend Melbourne auction, prompting claims of buying by panicked Chinese anxious to buy ahead of any Federal Government FIRB rules tightening.
It sold on the weekend for $1.365 million - an increase of $265,000 or 24% over just short of 90 days, between June 8 and its September 6 auction by Ray White agent Darryl Wickham.
The 10 Louise Court, Glen Waverley property is a five bedroom bedroom house in the GWSC zone on a 828 square metre block (pictured above). Its price represented land value with a two storey modern home likely for the holding.
The property forums went into overdrive with speculation.
Its significant price acceleration has been billed by some property forum observers as a sign of "panic buying" ahead of Kelly O'Dwyer's Federal Parliament report on FIRB rules due mid-October.
But Property Observer gleans it was not to an overseas buyer, but rather an established local Australian Chinese builder, and it was bought well in June by private treaty with tenant access issues.
Contrasted against the competitive weekend Ray White auction where there were five bidders.
"Certainly not panic buying by overseas Chinese buyers..and the underbidder was an Italian builder," Darryl Wickham said.
He added it was not an intended flip as the vendor's circumstance changed with new plans hence the rapid relisting.
The late August auction of a new five-bedroom, two storey house in to a recent immigrant from China at 59 Medina Road for $2.58 million has been viewed as setting the trend for prestige pricing in the suburb. The reserve on the property was $2.5 million when sold through Tze Chan, of JRW. The 727 square metre block had traded at $735,000 in 2010.
Buying patterns in the Glen Waverley and Mt Waverley hotspot are attracting close interest.
Property Observer is aware of one buyer seemingly securing two Glen Waverley properties in recent times.
Mingyi Wang bought on Rolls Court for $3.41 million and $2.56 million on Mt Street.
In Mt Waverley, two houses next to each other on Malcolm Court got sold to Jiarunzhide Pty Ltd last December. It was after the two vendors marketed the property as having development potential, that they sold at $900,000 and $1,505,000 through Barry Plant. The company is directed by Wing Kau Wong and Kwong Yip.