Happy Chinese New Year as 1960s Glen Waverley house sells for $1,100,888 on lucky third attempt

The weekend offering at 4 Lincoln Avenue, Glen Waverley sold for $1,100,888 at onsite auction.

It appeared the Biggin & Scott agency exquisitely timed the auction listing for the February 8 Saturday of the ?????? (Chinese New Year).

I am is aware it did fail to sell during last year's private treaty campaign which kicked off in October - and nothing came from its sale by fixed date January 13, 2014 marketing strategy either.

The final auction bid included the number 88 – the Asian symbol of good fortune and good luck.

Though I wonder just who was the luckiest.

It sold through Biggin & Scott agents Ming Xu and Joe Monea. 

Set in a quiet tree-lined, no-through road, the four bedroom house sits within the sought after Glen Waverley Secondary College Zone in the City of Monash. 

The 702 square metre property was also presented as an opportunity for developers.

The marketing kicked off last October, with vendor Alex Paszkiewicz's decision to list followed the death of his mother earlier last year.

It was the 1960s home that he and his sister grew up in, he told the local paper.

When he was inviting agents to pitch for the listing last October, under no time pressure to sell. With the gut feeling that prices will continue to rise into this year, one local agent indicated to him they had 46 buyers for every local property.

Agents had also indicated family homes were selling before it was official listed - sometimes within a day.

Glen Waverley's current median house price is $778,000, according to RP Data.

Local agents say families of Chinese descent have bought about 25 of the street's 70 or so homes since the initial acquisition in 1993.

The street's previous highest sale was $1.85 million in 2012, one of six sales above the $1 million mark in the past two years.

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Also on the weekend Trevor Fernandes of Ray White sold a four-bedroom, three-bathroom house at 92 Capital Avenue, Glen Waverley (pictured above) which was in the Highvale Secondary College zone.

It was sold for $851,000 - well over its reserve of $750,000 after bids from eight parties. That lucky number again!

news@propertyobserver.com.au

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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