Lalor

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An owner occupier has purchased the former Westpac bank building in the centre of Lalor’s shopping precinct for $2.455 million.
It marks the latest transaction of a vacant retail asset in Melbourne.
Fitzroys agents Terence Yeh and David Bourke sold 322-324 Station Street following a successful auction campaign that attracted more than 60 enquiries from investors and owner occupiers, with multiple bidders competing at the auction.
Yeh and Bourke acted on behalf of private investors who had bought the property in 1996 for $830,000.
The freehold asset comprises a two-level building of 850 sqm on a 520 sqm landholding that has 12.2 m of frontage to Station Street and 12.5 m to a rear laneway.
“Investors were attracted to the busy shopping precinct’s historically low vacancy rate, while owner occupiers were keen to take the rare chance to secure a strategically located, high-profile building in the heart of this busy shopping precinct,” Yeh said.
“This is a tightly held area of Melbourne, with one property coming to the market every few years.”
Bourke said the local operator is familiar with the location, having operated their business in the area for more than 10 years.
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“Their purchase is a strong vote of confidence in the strength of this precinct and its future prospects,” he said.
Positioned within a major retail hub, neighbouring Coles, Commonwealth Bank, and Lalor Library, the property will benefit from sustained population growth in the surrounds and across the City of Whittlesea.
The sale continues the Melbourne-wide trend of vacant retail properties attracting strong attention from investors and owner occupiers. Fitzroys has just sold 371 Bay Street in Port Melbourne for $1.31 million to an owner occupier, following the agency’s sale of a two-storey Newport Village freehold to a first-time investor for $875,000 and a Harp Village building in Kew East for $1.2 million before auction.
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Fitzroys sold two Puckle Street, Moonee Ponds properties late last year; to a dental clinic and an investor respectively, which followed the sale of the former premises of Brighton icon Wild Holly Cakes on Bay Street for $2.905 million after interest from investors and owner occupiers.
Other recent Fitzroys sales have included a former Commonwealth Bank branch in Keilor, 241 Bridge Road to accounting firm Michael Jensen &amp; Associates, and a High Street building in Thornbury to a local food and beverage operator.
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Owner occupier purchases former Westpac building in Lalor

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A four bedroom Lalor house has been sold by mortgagees for $770,000.
The home was listed by Alen Hewson and Michael Assaad from Iconek Estate Agents.
<a href="https://www.realestate.com.au/property-house-vic-lalor-128356478" target="_blank">Situated at 5 Flanagan Street</a>, Lalor, a Melbourne suburb, the house comes with four bedrooms, open plan lounge &amp; meals area and central kitchen with stone bench tops.
Other features include double garage with drive-thru access to rear, ducted heating, established front and low maintenance rear yard.
Nestled on a 453 square metre block, it is located within close proximity to schools, transport, shopping centres and easy access to ring road.
The house last sold for $285,000 in 2010 four years prior to its construction in 2014.
The suburb's median house price sits on<a href="https://www.urban.com.au/expert-insights/buying/10686-lalor-vic" target="_blank"> $639,000</a>, according to CoreLogic.
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Four bedroom Lalor house sold by mortgagees

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Lalor Park has tipped $1 million for the first time. 
The Heffron Road property was originally housing commission. 
The vendors had extended and renovated the house, on 613 sqm.
Set on a 613 sqm parcel of land, it is now a modern, two-storey residence featuring high ceilings, downlights, timber floors, double glazed windows and a fireplace.
The <a href="https://www.realestate.com.au/sold/property-house-nsw-lalor+park-128481706">56 Heffron Road</a> offering sold for $1.06 million bettering the suburb’s residential record by $95,000 with a $965,000 on Lawson Street in March. 
Selling agent Alistair Agius, of Harcourts Hills Living Baulkham Hills, said it was a sign of growing buyer interest.
“Lalor Park has had such a bad rap for many years but it’s taken strides towards improvements with a lot of knockdown-rebuilds and many young families moving in,” he told The Blacktown Advocate. 
CoreLogic has its median house price at around $690,000, up 27 per cent over the past three years. 
 It sold to a large family from North Rocks.
The purchasers were unable to buy a six-bedroom house in North Rocks for $1.06 million, Agius said. 
 
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Former housing commission Lalor Park trophy home sets $1 million plus record

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Lalor Park, Prestons and Casula have been ranked the suburbs with the most distressed listings in New South Wales.
Lalor Park ranked as the nation's most distressed suburb, according to Investar.
It suggests Lalor Park's has discounted listings which accounts for 60 per cent of the total.
The postcode 2147's house listings are typically for sale for 106 days.
The suburb's median house sits at $680,000, with 6.33 per cent growth over the past year.
Its median rent sits at $430 per week, with 2.38 per cent increase over the past year.
The rental yield sits at 3.3 per cent.
The Preston postcode 2170's house listings are typically for sale for 122 days.
The suburb's median house price sits at $880,000, which has grown by 2.3 per cent over the past year.
Its median rent sits at $650 per week, with 4.8 per cent growth over the past year.
The rental yield sits at 3.8 per cent. 
The Casula postcode 2170's house listings are typically for sale for 175 days.
The suburb's median house price sits at $512,500, which has grown by 6.1 per cent over the past year.
Its median rent sits at $395 per week, with 1.3 per cent decrease over the past year.
The rental yield sits at 4 per cent. 
 
 
 
 
 
 
 
 
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Lalor Park, Prestons and Casula rank as the most distressed suburbs in New South Wales 

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A Lalor four bedroom house has been listed by mortgagees with an indicative selling price ranging between $650,000 to $680,000.
The Victorian home was listed by Alen Hewson and Michael Assaad from Iconek Estate Agents.
The auction has been scheduled for June 17.
<a href="https://www.realestate.com.au/property-house-vic-lalor-128356478" target="_blank">Situated at 5 Flanagan Street</a>, Lalor, a Melbourne suburb, the house comes with four bedrooms, open plan lounge &amp; meals area and central kitchen with stone bench tops.
Other features include double garage with drive-thru access to rear, ducted heating, established front and low maintenance rear yard.
Nestled on a 453 square metre block, it is located within close proximity to schools, transport, shopping centres and easy access to ring road.
The suburb's median house price sits on<a href="https://www.urban.com.au/news/10686-lalor-vic" target="_blank"> $639,000</a>, according to CoreLogic. 
 
 
 
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Lalor four bedroom house listed by mortgagee

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A Melbourne three bedroom house has been sold by the mortgagee for $580,000.
It was sold by Marco Riggio and John Gioftsidis from Love&amp;Co.
<a href="https://www.realestate.com.au/sold/property-house-vic-lalor-127922562" target="_blank">Located at 9 Lacey Street</a>, Lalor, the house comprises three bedrooms, lounge, kitchen, and two parking spaces.
Surrounded by an endless array of amenities, it is close to bus services, Thomastown Railway Station, Lalor Plaza and primary and secondary schools.
It was last trade for $230,000 in 2004.
The suburb's median house price sits on<a href="https://www.urban.com.au/expert-insights/investing/10686-lalor-vic" target="_blank"> $630,000</a>, according to CoreLogic. 
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Lalor three bedroom house sold by mortgagee 

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A three bedroom in Lalor, 18 kilometres north of Melbourne's central business district, has been listed by Marco Riggio and John Gioftsidis from Love &amp; Co with an indicative selling price of $510,000 to $561,000.
The auction has been scheduled for April 21.
It last sold in 2004 at $230,000.
<a href="https://www.realestate.com.au/property-house-vic-lalor-127922562" target="_blank">Set on 9 Lacey St,</a> the Victorian home comes with three bedrooms, lounge and a kitchen with adjoining meals zone.
Positioned on 538 square metres (approx), it also features include two garage spaces and entertaining area.
The suburb's median house price sits on<a href="https://www.urban.com.au/news/10686-lalor-vic" target="_blank"> $610,000</a> according to CoreLogic.
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