9 Haigh Court, Altona Meadows sold under the hammer on Saturday.

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A property investor fed up with increased taxes offloaded their Altona Meadows residence to a couple at its auction on Saturday.

The three-bedroom house at 9 Haigh Court sold for $671,000 – $21,000 above its reserve price of $650,000.

Initially listed with a $600,000-$650,000 price guide, bidding began at $550,000 and rose in $20,000 to $1000 increments.

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Seller Kerryn said she had owned the property as an investment for about 15 years, but because of increased land taxes and new rental reforms, it was time for it to be sold.

“(Increased taxes) is just making it too hard. I’m probably five years off retiring and it was just not worth it,” she said.

“The land tax, it went from $900 to $2100 (a year) so that’s a big chunk.”

The home’s soaring ceilings offer plenty of natural light.

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The spacious kitchen and dining area.

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She said she had the same tenant for 14 years and wanted to keep the rent low, but the property had become too expensive to hold on to.

Kerryn said she was happy with the auction result and that the couple who purchased it were planning on living there.

Ray White Werribee agent Eben Geelhuizen said he was selling a number of properties for investors who were wanting to get out of the market.

“ What we’re finding at the moment, especially in the west, is the investors that have more than one property, they’re the ones that are looking to offload one or two where they can,” he said.

Mr Geelhuizen said there were two groups who inspected the home for the first time right before the auction and placed bids.

“On-site auctions at the moment, people just roll up,” he said.

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Cathedral ceilings offer plenty of natural light throughout the home.

Outside, there’s a sprawling backyard as well as a pergola for entertaining.

Ray White Werribee managing director Robert Krnjeta said the major drawcards of the residence were its location and that it had been refreshed by the previous owners.

“We’re just finding, more in the current marketplace, owners that are doing a little bit of work to the property … they’re getting a way better result,” Mr Krnjeta said.

“I think the market is stretched with their finances because interest rates have gone up.

“They’ve got the budgets to bid higher at auctions through borrowing capacity, but they don’t have the money to renovate.”

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