Chat with us, powered by LiveChat

First-home buyers triumph in multi-bidder auctions

17 March 2023
Save Article

Six-figure windfalls for sellers in Doncaster East and Wantirna

Two first-home buyers have defeated a dozen other bidders to snap up renovator’s delights Melbourne’s east.

A total of 14 bidders turned up for the auctions at 14 Orion Place, Doncaster East, and 4 Brentwood Drive, Wantirna, and both properties sold well above price expectations on March 11.

Despite a slow start, eight buyers raised their hands for 14 Orion Place, with two battling it out to a strong finish with small $1000 and $5000 increments.

The long-time owners of the home that was presented in original condition expected a $1.28 million result but received a bonus when the hammer finally fell at $1.499 million, Barry Plant Manningham agent Harry Fares said.

The dated four-bedroom house, which the sellers had occupied for more than 20 years, attracted plenty of interest with 128 groups at the inspections.

“The first-home buyers have a growing family and were attracted to being in the zones for two top secondary and primary schools,” Mr Fares said.

“The property is also close to shopping centres and is just 25 minutes to the city.”

In Wantirna, six bidders turned up to snare 4 Brentwood Drive in a 35-minute auction that ended at $1,081,500, or about $162,000 above the sellers’ reserve.

The standard three-bedroom house on a tight 561sq m block attracted more than 100 bids in a quick-fire auction punctuated by small $500 and $1000 increments.

The crowd of more than 100 watched a young bidder win the keys to her first home, Barry Plant Wantirna auctioneer Chris Hodge said.

“It was mainly first-home buyers and downsizers fighting it out for the unrenovated but nice and tidy home,” he said.

The buyer is renting in the city and has been eyeing homes in the suburb for some time, Mr Hodge added.

On the same day, another Doncaster East seller was rewarded with a windfall of more than $200,000 above their reserve price.

After a slow start, five bidders competed at the auction of the 13 Bicentennial Court property, which ended with a strong $2.3 million result.

This was the highest price achieved by the Barry Plant Group at auctions for the week ending March 11.

Due to the Labour Day long weekend, the number of auctions were lower, with the group reporting an 88 per cent clearance rate from 25 auctions.

17 March 2023
Save Article

Get more from Barry Plant.
Sign up for our newsletter

Sign up now to stay informed about market trends, investment opportunities, and exclusive property listings. Don't miss out on valuable insights - join our community today!