Buyer’s plan after forking $2m on Mount Waverley home

A buyer has forked nearly $2m for s four-bedroom home in Mount Waverley, and plans to knock it down to build a single new family home.

The sale of 10 Inverell Ave smashed its $1.6m reserve by more than $300,000, following a six-way bidding war that erupted under the hammer on Saturday, with the home eventually selling for $1.915m.

Buxton Mount Waverley director Steve Hatzi said the property, with $1.5m-$1.65m price hopes, drew fierce competition from a mix of renovators and knockdown buyers, but it was land and location that ultimately won out.

“We had six active bidders and the energy didn’t let up,” Mr Hatzi said.

“It started at $1.4m, and just when we thought it was slowing, someone else would jump in.

“We thought it was done at $1.68m, then it flew past $1.9m.”

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Mr Hatzi said the buyer, who beat out five other contenders, won’t be keeping the original Tasmanian oak floors or the Kent wood burner.

“They’re knocking it down and building one brand new home — no plans to subdivide,” he said.

“It shows the premium families are paying for land in this school zone.”

The Buxton Mount Waverley director said the 725sq m block is in the Mount Waverley Secondary College catchment and one of the last remaining original homes in a street otherwise filled with new builds.

“This pocket has already undergone a big transformation,” Mr Hatzi said.

“This sale was classic real estate, buying the worst house on the best street.”

Mr Hatzi said uhe vendor had owned the home for more than 45 years, and the sale reflects a growing trend of long-term residents downsizing across Melbourne’s east — unlocking tightly held family housing.

“We’re seeing more of this every week, owners who’ve been in their homes for decades are finally making a move,” he said.

“It’s opening up opportunities in Mount Waverley where historically listings have been tight.

“It’s not just about Mount Waverley Seconday College — it’s the greenery, the peaceful streets, the connection to Glen Waverley and Burwood, and the lifestyle. That’s what families are chasing.”

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