Sydney investor drives to Frankston North to buy, then back

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ANOTHER Frankston North house has sold for more than $500,000.

This time it went to a motorvated couple who drove all the way from Sydney to inspect the investment property.

The investors bought the three-bedroom property at 69 Excelsior Drive for $510,000, plus stamp duty and fuel, a week after it hit the market.

But despite the about 19-hour round trip, they were already driving back home before the deal was finalised, according to Ray White Frankston agent George Devic.

“The Sydney buyers drove down, inspected the house and made an offer. We then continued negotiations while they were driving back to Sydney,” Mr Devic said.

The pair would have spent about 19 hours on the road as they drove close to 1875km from the NSW capital to the Melbourne suburb and back again.

The new owners from the Sydney suburb of St Ives will rent out the property and had been looking for an investment for a couple of months.

69 Excelsior Drive Frankston North Leader real estate

One of two living zones in the Excelsior Drive home.

The sale was the 21st in Frankston North this year at $500,000 or more, records show. The top sale in the suburb in 2016 was $498,000 for 1 Indigo Court.

While the price was high for Frankston North, it was a bargain compared to St Ives’ $1,988,888 median house price, according to latest CoreLogic figures.

The median house price in Frankston North was $400,000.

The result for 69 Excelsior Drive was an indication of fast-rising house prices in the suburb, Mr Devic said.

“There is a huge lack of supply in the area while demand has grown from investors and first-home buyers,” he noted.

The 1980s-built home had four offers from investors and owner-occupiers soon after its first open for inspection.

69 Excelsior Drive Frankston North Leader real estate

The spacious backyard with a rotunda.

The vendor had expected a price in the high-$400,000s, Mr Devic said.

The 568sq m property features two living areas, an ensuite and family bathroom, and a generous garden with a rotunda. It is also near shops and schools.

SEE SUBURB PROFILE FRANKSTON NORTH

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