Buyers seeking bang for buck head to Bayswater North

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30 Dunlop Ave, Bayswater North

30 Dunlop Ave, Bayswater North sold for $665,000 to a buyer from Sydney on July 15.

A BAYSWATER North home has sold to an interstate buyer, who flew in to compete for it under the hammer.

It comes as buyers eye the suburb for its comparative value for money, according to a local agent.

Barry Plant Croydon property consultant Ash Thompson said two parties including a buyer from Sydney went head to head in bidding for the home at 30 Dunlop Ave on July 15.

He said the interstate buyer had flown in the night before, and scored the keys to the home in a post-auction negotiation after it was passed in.

“[They] were looking in Ringwood East but saw a bit more bang for their buck in Bayswater North,” Mr Thompson said.

The Sydney buyer had family in the outer east, he added.

30 Dunlop Ave, Bayswater North

Polished floors and a modern kitchen are highlights of the updated interior.

Mr Thompson said buyers were being attracted to Bayswater North for its affordability compared to the surrounding areas of Ringwood and Croydon, creating a ripple effect.

“There’s an overflow from Croydon and Croydon South; buyers can see a little more value for money,” he said.

Latest CoreLogic figures show Bayswater North’s median house price was $661,500 as of April, the least expensive across Maroondah.

But the suburb’s median price soared 38.5 per cent in the past three years.

This compares to a 35.5 per cent rise in Ringwood, where the median price is $812,750, and a 48.9 per cent jump in Croydon which has a median house price of $707,500.

30 Dunlop Ave, Bayswater North

A covered entertainment area and merbau decking feature outdoors.

The three-bedroom home at 30 Dunlop Ave had been updated to include a modern kitchen, on-trend bathroom, an outdoor entertainment area and low-maintenance landscaping.

“Everything was nicely done and I think people appreciated that it was a quality renovation and not just done for a sale,” Mr Thompson said.

He added the standard buyers sought for renovated homes was now quite high.

“People expect work to be done to a higher quality,” he said.

But at the other end of the scale, neatly maintained houses with original kitchens and bathrooms were still popular, he added.

Mr Thompson said a first-homebuyer couple had also bid for the home.

He said the government’s recent affordability measures, including the axing of stamp duty for homes bought for $600,000 or less and stamp duty discounts for homes up to $750,000, might see first-home buyers start to stretch into higher price brackets.

“Before the start of July, people were sort of holding off. I think we might see people push their budgets a bit higher than the $600,000 mark now,” he said.

SEE SUBURB PROFILE: BAYSWATER NORTH

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