Waterfront Gol Gol home nabs $100,000 bonus in fast auction
Mildura market posts ‘strongest growth in a decade’ and a rare listing along “Sunraysia’s best street” in Gol Gol was snapped up for a seven-figure price in an auction with multiple bidders.
A rare listing along “Sunraysia’s best street” in Gol Gol was snapped up for a seven-figure price in an auction with multiple bidders.
A Geelong family, who regularly holiday in the New South Wales town along the Murray River, was one of three registered bidders who competed for 15 Caramar Drive.
“It was a perfect auction day with the crowd gathered on the riverbank behind the house,” Barry Plant Mildura director Tense Venneri said.
“Bidding started at $1.7 million and jumped $100,000 on the second bid, and it sold after just six bids.”
The $1.94 million result was nearly $100,000 above the seller’s reserve price and was among the top results in Gol Gol so far in 2023.
The auction was one of more than 1000 auctions for the week ending November 11 in Victoria, following a slowdown for the Melbourne Cup holiday the previous week.
The Barry Plant Group reported an auction clearance rate of 73 per cent from 79 reported results. Some 58 properties were sold and 21 passed in.
The new owners of 15 Caramar Drive had been looking for some time for a holiday home in the area, while the underbidder was a local.
The riverfront estate is positioned along the most prestigious street in the Sunraysia region, which also holds the record for the town’s most expensive house sales.
Mr Venneri said riverfront properties along the street are tightly held and rarely listed on the street by owners.
He noted that Mildura, which lies in Victoria opposite Gol Gol, has seen auction listings grow in recent years.
“Most listings are for private treaty but more agents are doing auctions now,” Mr Venneri said.
“I love auctions and they bring a city vibe to the country.”
The Mildura market has performed well in recent years and is among the top regional areas for house price growth as demand has soared.
“The market here has been strong for the last decade and the last two years has seen the biggest growth I have seen,” Mr Venneri said.
The median house price was $438,500 in the year to October, rising a strong 4.4 per cent in 12 months. Nearly 600 houses sold in 12 months and the median days on market was 29.
Buyer demand was strong, with some 2523 buyers interested, according to realestate.com.au. Rental housing was also very tight in Mildura and investors could expect a rental yield of 5.5 per cent.