13 hours ago
4
A Queensland investor came out on top of a crowded field to buy a Frankston North house for $707,000 at auction on Saturday.
O’Brien selling agent Mark Burke listed the three-bedroom house at 39 Rosemary Crescent with a quoted price range of $540,000 to $594,000. He said there were eight bidders for the home, all attracted to the house’s solid build and land size.
“It was a concrete home that was on land that was 605 square metres,” Burke said. “It had hardwood floors, brand-new carpets over the hardwood floors, and they’d freshly painted it inside and out.”
Four of the eight bidders were investors, three of whom were from interstate. The remaining hopeful buyers were owner occupiers from the area, Burke said.
The bidding opened at $545,000 and the reserve was set at $550,000. Burke said the auction was quick and spirited, and finished in about seven minutes.
He said a lack of housing stock and high demand contributed to the high sale price, which was $157,000 more than the vendor’s reserve.
The auction was one of 592 scheduled for across Melbourne on Saturday.
In Pascoe Vale South, an investor paid $1.38 million for a home they saw for the first time on Saturday.
The three-bedroom weatherboard house at 3 Milton Street has period features but modern interiors. Nelson Alexander selling agent Cody Bettanin listed the home for sale with a quoted price range of $1.15 million to $1.25 million.
He said the auction began with a vendor bid of $1,175,000 and three bidders competed. The reserve was set at the top of the range.
Bettanin said the investor beat a downsizer and an aspiring home buyer from Sydney to land the home.
“We’re starting to see a few investors come back into the marketplace as well,” he said. “[The buyer] was actually the underbidder on two of my other properties the last couple of weeks.
Loading
“The investor had only seen it today for the first time.”
Bettanin said the winter’s low listing levels were pushing buyers to compete harder for the few homes available.
“Anything at turn-key at the moment, the market is seeing a lot of value, and there’s just not a lot on,” he said.
“Anything in that $1 million to $1.5 million market, there’s a lot of competition. With rates the way they are, it seems to be the sweet spot.”
Most Viewed in Property
Loading
