Ballarat investor buys Manor Lakes home, beating first home buyers – realestate.com.au

Investor alert: A regional Victorian investor from Ballarat has outbid first home buyers at a nail-biting auction in Melbourne's south-west.

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Investors are eyeing Melbourne's outer south-west suburbs after a three-bedroom, two-bathroom house sold out of first-home buyers.

The decade-old house went to auction this morning with four registered bidders – three first home buyers and an investor from Ballarat on the phone.

The auction began with a strong opening bid of $400,000 and steadily exceeded its reserve of $480,000 until a final bid of $500,000 was made – finishing $20,000 short of expectations.

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Ray White Werribee's Rene Mawad said the Manor Lakes house result reflected renewed interest in established homes in Melbourne's west, where strong rental demand in particular was creating attractive investment opportunities.

“The property was bought by a phone bidder from Ballarat and it turned out they were investors,” Mr Mawad said.

The living area of ​​this Manor Lakes home is bright and airy.

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Ray White Werribee's Rene Mawad said Manor Lakes' auction was a good sign that investors would return to the market in the western suburbs.

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“It's been a while since we've seen investors actively buy, so it's refreshing to see someone from that group step in and see it through to the end.

“That's an encouraging sign among all the first home buyers we've been seeing lately.”

Mr Mawad said he hoped more investors would buy homes in the west because of the rental demographic.

This decade old property includes a bright kitchen with ample storage and natural light.

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Manor Lakes continues to attract both first home buyers and investors.

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“The area has a high rate of renters, so it's an ideal location for those looking to get started with investment properties,” he said.

“There is a stable tenant base, which gives confidence to investors.

“If rents continue to rise due to the lack of available properties, investors will start to see the potential.”

The spacious low maintenance yard is ideal for children or pets.

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The whole house has been decorated with new floating floors.

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“The house itself is low maintenance but still has a bit of yard space for someone with young children or a small pet – which would make it perfect as an investment for a new buyer.

Mr Mawad said that with interest rates yet to drop, the current market offers a unique opportunity for buyers hoping to get a home before Christmas, and with prices expected to fall in the new year, it is an ideal time to enter the market. .

“The best time to buy is when there's a ton of uncertainty and depression in the market,” he said.

Ray White Werribee's Rene Mawad said strong rental demand in the west was a “future proof” investment.

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Three first home buyers have lost their hopes of buying a home this side of Christmas.

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“Wouldn't you start buying and building capital now when prices are low? Manufactured homes are a viable option right now, especially with construction slowing.

“Manor Lakes is just one example of how Melbourne's western suburbs are ripe for investment, with properties attractively priced for both first home buyers and experienced investors – buyers should act quickly.”

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