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Two suburban houses bought for less than 0,000 have given their buyer a dream return on investment after selling for more than .5 million.The two adjacent properties, sitting just a block away from Monash University in the Melbourne suburb of Clayton, were bought for the modest total by an investor in 1981 and 1985.But with housing in hot demand in the suburb, prospective buyers have been circling the 1600sq/m plot in recent years.Local estate agent director Chris Zervas told realestate.com.au the original investor had made the most of a simple method which helped to maximise sale price. By buying the two homes next to each other, Mr Zervas said, the seller ensured he got the ‘best bang for his buck’. He said: ‘It’s a great idea, particularly in a suburb’s growth zone or activity centre.’ Share this article Share He said the neighbouring properties were particularly lucrative because developers could knock down the houses and replace them with townhouses or apartments.Monash’s property market has soared in the last year thanks to the suburb’s high employment figures and its proximity to the state-of-the-art Monash Medical Centre.In 2017-18, the number of residential building approvals in Monash City, which includes Clayton, more than doubled the number from the previous year, according to .id.The mammoth sale price has been agreed to by an Asian-Australian buyer after a back-and-forth bidding war with another investor.The savvy trick comes after two neighbours in Melbourne’s Box Hill banded together to sell their properties as one – securing an extra 0,000 dollars by doing so.
Reporter News TV – How a homebuyer turned 0,000 purchase into .5million windfall