Scarcity of Freehold Property Available in Sub-Million Dollar Range

Gorman Commercial’s David Minton sold 150 Springfield Road, Blackburn prior to auction for $620,000 to a local owner occupier. The 140 sqm building on 183 sqm of Commercial 1 zoned land had no rear access or on-site parking. Selling agent, David Minton said, “given the entry level price point and scarcity of freehold property in this price bracket, we had strong interest from both local owner occupiers and investors.”