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Fear of missing out to drive sales before concessions end

Corporate - Home Page
22 June 2021
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Stamp duty concessions deadline and backlog of postponed auctions to bring strong finish to June market

A small Mulgrave house has sold $155,000 above what the seller hoped for, thanks to a last-minute bidder.

The change of heart saw a young couple enter the auction bidding late but they won the keys to 3 St Jakob Court with a strong $925,000 bid.

The seven-bidder auction on June 12 was hotly contested from start to finish, according to Barry Plant Glen Waverley agent Lindsay Xu.

“All seven bidders were homebuyers looking to move into the Waverley Park home,” Ms Xu said.

“The bidding just kept going without a pause and the new owners had been interested in another property in the area but changed their mind.”

The fear of missing out on the three-bedroom, single-garage house on a compact 271sq m led the couple, who hope to start a family, to bid at the tail end of the auction.

The double-storey house had hopes of a final sale price in the $800,000s.

“The estate is increasingly popular with buyers and several larger homes with double garages have fetched above $900,000,” Ms Xu said.

Sale records show 3 St Jakob Court was last purchased in 2008 for $502,000, which gave the vendors a price gain of $423,000.

The auction had been postponed from June 5 due to Covid-19 restrictions.

Another property in the City of Monash that sold well was 18 Brighton Street, Glen Waverley, which fetched $1.3 million.

The house on 656sq m has an extra wide frontage of more than 32m and is within walking distance to shops, cafes, restaurants and the train station.

Meanwhile, the last two weekends in June should attract more buyers to auctions with the looming June 30 deadline for stamp duty concessions on purchases under $1 million and for new builds.

Agents have tipped June 26 to be a very busy day due to auctions being postponed and pushed back as a result of the recent snap lockdowns in Victoria.

“I suspect the 26th of June will be a very big auction weekend,” Barry Plant CEO, Mike McCarthy said.

“You might even see a record number of auctions. It wouldn’t surprise me … with people wanting to get it done and beat the end of the stamp duty concessions.”

Corporate - Home Page
22 June 2021
Save Article

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