A Guys Hill couple are proving time in the market is greater than timing the market, making over $1.2 million profit at auction.
The couple, who are British expats, bought the 5697 sqm block at 398 Beaconsfield-Emerald Road over 55 years ago, for only $15,000.
The three bedroom, one bathroom home is described as a “semi-rural” property, but is just a 10 minute drive to Berwick’s High Street and Casey Hospital.
On Thursday it was sold at auction to a family from the Keysborough area, fetching $1.23 million.
Corporate director at O’Brien Real Estate Keysborough Darren Hutchins said there were three bidders at the auction, with the winning bidder hoping to redevelop the land to fit a sizable house.
“The new owners will more than likely move in for some time while they get permits and such approved, and then redevelop it,” he said.
Mr Hutchins said he has sold just five houses in Guys Hill over the last year, making the sale a rare gem for both parties.
He said the previous owners made the decision to sell in order to downsize.
