Neighbours team up to sell $3.135m cul-de-sac in regional Vic

A savvy group of five Victorian homeowners in a leafy Yarragon cul-de-sac have teamed up to sell what is basically the entire street for $3.135 million.

The offering, at Ambrose Court in West Gippsland, includes four three-bedroom homes and a four-bedroom home with 1,600sqm of vacant land, which is already turning local investors’ heads according to Elders Real Estate’s Jackie Shearer.

“There are five vendors all selling in one court,” she explains.

“There’s 6,100sqm of land with five brick veneer homes and also 1,600sqm of vacant land that can be developed as well.

“It suits a residential investor looking for rental returns and we’ve already had really good local interest so far, with interest coming from Melbourne, too,” Jackie says.

The vendors of the five properties include a retiree, a young owner of an investment property and the family of a deceased estate who came together after realising multiple neighbours were looking to sell.

“All the neighbours get along well and they came together and had a chat and decided to sell together,” Jackie reveals. “There were three who were looking to sell, while the other two were thinking about it but hadn’t pulled the trigger yet.”

Richard Polmear lives at number 5 Ambrose Court. He tells OzHomeNews that he’d heard of neighbours in Melbourne banding together to achieve a higher sale price so thought ‘why not try it in Yarragon?’!

“The logic behind listing the properties together was that I’d read about neighbours in Melbourne who’d gotten together to sell and had got a bit of a premium,” Richards ays.

“One of the properties is a deceased estate so we knew that was coming on the market. We had a meeting and became aware that another neighbour was about to list their property, too, and I was also thinking about it.”

If an investor can’t be found to purchase the properties together then the homes will be sold individually, and Richard has plans for his next move when the time is right…

“I’m looking to stay in the area. I have a daughter and four grandchildren and I’d like to have a couple of acres with a creek and a dam and somewhere where the grandkids would love to come and visit all the time!”

By the sound of things, Richard shouldn’t have to wait too long, with Yarragon’s market hotting up in recent months, according to Jackie.

“We’ve had really strong demand for properties after the second lockdown lifted in late November, things are selling well,” she says.

“Yarragon is a really thriving little rural town on the main railway line to Melbourne, and Ambrose Court is a really great cul-de-sac that’s nice and close to town.”

Address

Ambrose Court, Yarragon, Vic 3823

Agents

Jackie Shearer – 0437 966 769
Cam Roberts – 0488 050 440
Elders Real Estate – Yarragon