Two Kaleen home owners that teamed up to sell their properties have achieved record sale prices for the street, after their homes sold for a combined total of $2.29 million last week.
Several developers had their eyes on 63 and 65 Maribyrnong Avenue, Kaleen, due to their coveted RZ2 zoning, which allows for multi-unit developments.
Prior to auction one developer, who is staying tight-lipped about the purchase, scooped up both properties and is planning to build townhouses on the combined land.
The four-bedroom house at 65 Maribyrnong Avenue sold for $1.19 million, while the one-bedroom house at 63 Maribyrnong Avenue sold for $1.1 million. The block sizes were similar, measuring 876 square metres and 856 square metres respectively.
The previous record for Maribyrnong Avenue was set in September 2020 when a five-bedroom home sold for $1,012,000.
Kathy and John Barker, the sellers at number 63, hadn't considered putting their house on the market until they were offered a property appraisal six months ago.
Mr Barker has lived in the property for more than 35 years and together the couple have converted the original three-bedroom house into a one-bedroom house, initially with plans to extend the property.
"[The agents] gave me some very interesting figures and said if you sell with next door, being an RZ2, that could increase it further," said Ms Barker.
After discussions with the neighbours, the two parties decided to put their homes on the market and the results were even better than the Barkers expected.
"It all went crazy in the last couple of days, there were quite a few builders trying to talk to us, to get the deal done and then on Thursday this amazing deal was put on the table for us, so [we're] very, very happy," said Ms Barker.
Situations like this don't happen very often, according to selling agent Kostya Logvinov of Carter and Co Agents, who said while there are some RZ2 blocks around, it's rare they're owned by one person.
"So for people who want to sell them, they do have to form alliances with their neighbours and that's always hard because you have people who want different settlement windows, they want different prices," he said.
But for those who join forces, Mr Logvinov said there are major gains to be made.
"If you looked at Kaleen recently, there was a completely renovated house that sold for $1.2 million ... [with] $150,000 worth of renovations and on a much more quiet street," he said.
"So given that one [of the Maribyrnong Avenue properties] had been converted to a one-bedroom house and the other one was completely original condition, there's no chance if they were just sold on their own that they would have got that kind of money, I don't think so."
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According to CoreLogic, the median sales price of houses in the Kaleen area is $863,500 and just two years ago it was $750,000.
"A couple of years ago in Kaleen, an average four-bedroom house was probably in the seven hundreds, and these guys are cashing out for $1.2 million, it's just amazing," said Mr Logvinov.
"The owners at 63 want to go to Murrumbateman and the owners at 65 want to go to the coast, so it just means that they can afford the home of their dreams now."
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