Chadstone owner’s granddaughter Nicole Gandel sells Armadale abode at its auction

21 Hume St, Armadale sold under the hammer at its weekday auction.

The granddaughter of Australian billionaire John Gandel has sold her Armadale home at a midweek auction for circa $3.4m.

The three-bedroom house at 21 Hume St was listed with a $3.35m-$3.45m, with industry sources revealing it sold in the vicinity of $3.4m when it went under the hammer on Thursday evening.

Property records show the home’s title is under Nicole Gandel, granddaughter of billionaire and Chadstone Shopping Centre owner John Gandel.

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While Jellis Craig Stonnington director Carla Fetter declined to comment on who the sellers were, she said the abode’s location was a major drawcard, with High St and the train station in walking distance.

“It was a single level property with garaging and if we look at who the target audience were, they were in that downsizer model,” Ms Fetter said.

“(It’s) turn key, nothing to do, so it was a bit of an easy one for us to sell.”

Nicole Gandel is the granddaughter of John Gandel, who owns Chadstone Shopping Centre.

It’s good news for the sellers of more than 1300 auctions scheduled across the state this week, with 1330 in Melbourne and 49 in regional Victoria, PropTrack data shows.

The suburb with the largest amount of residences going under the hammer is Kew with 25 scheduled auctions, followed by Glen Waverley, 23, and Wollert, 21.

PropTrack economist Angus Moore said Melbourne’s clearance rates had been bouncing around the low to mid-60 per cent range which was “reasonably solid”.

“(It’s) certainly better than what we were seeing towards the end of last year … through spring and into December when it was around the mid to high-50s,” Mr Moore said.

He added that demand had started to grow off the back of February’s rate cut.

“Melbourne has underperformed relative to pretty much everywhere else in Australia,” he said.

“Compared to other parts of the country, (Melbourne looks) a bit more affordable.”

Real Estate Institute of Victoria chief executive Kelly Ryan said the property market was pretty buoyant with a resurgence of prospective buyers and plenty of stock available.

“There’s been a lot of momentum since the start of the year in terms of auction numbers,” Ms Kelly said.

“We’re still seeing strong first-home buying contingent, which is good, and then the rest are predominantly the rightsizers, so the upsizers and the downsizers in the market.”

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sarah.petty@news.com.au

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