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Basic home to sell for $2 million because of one crucial detail

An unassuming modest home in Melbourne is set to sell for a multi-million dollar price-tag because of it’s coveted school zone.

The last time the two-bedroom property located 10km east of Melbourne’s CBD was up for sale in 1981, it fetched a modest $54,000 but it’s expected to sell for between 2 and 2.2 million at auction on February 22.

Described by representing real estate agents Noel Jones as a “clinker brick home in original condition,” the property located at 51 Monash Ave in Balwyn is in prime position for parents who want to send their children to some of the most popular schools in Victoria.

The modest two bedroom home set to break records because it's located in the right Victorian school zone
The modest two bedroom home is expected to sell for more than 2 million because it's located in a coveted school zone. Source: Noel Jones

The 600 square metre address has been sold as an opportunity to enter the “acclaimed Balwyn High School Zone,” as it’s walking distance to Balwyn North Primary School and Balwyn High School.

Both schools require all enrolling students to provide proof of permanent residency within the school zone.

Balwyn high School is one of the private schools in the area parents are paying a premium to get their children into.
Parents who want their children to attend the coveted private schools in the area, need to live in the right school zone. Source: Noel Jones

The current floorplan boasts a spacious living room featuring a decorative ceiling, original kitchen, original bathroom and two generous bedrooms but auctioneer Tim Penhalluriack told website realestate.com.au that he expects most potential owners to knock down and rebuild the deceased estate.

“In the Balwyn High zone you can expect to see quite a premium of about $3300 a square metre,” Mr Penhalluriack said.

Real Estate Institute of Victoria data shows properties in Balwyn have a median price of $2.34 million and listed it in their top million dollar suburbs in the state due to it’s recent boost in sales.

Basic home to sell for $2 million because of one detail.
Auctioneers expect most potential owners to want to knock down and rebuild the basic home. Source: Noel Jones

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