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Hot start to winter sales as first-home buyers splash big bucks

Real estate & property news
16 June 2023
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Quality homes giving sellers “exceptional results” in the city’s eastern suburbs

A young couple has outbid five others to bag their first home in a popular eastern suburb.

The pair splashed $1.471 million on 28 Jessica Close, Wantirna South (pictured above), which was well above the $1.1 million seller’s reserve price.

The June 3 auction attracted a crowd of more than 100 people, including about 25 interested buyers, who spilled into the street to watch six bidders drive up the price from an opening offer of just $800,000.

The auction picked up pace quickly and sold to the couple from Ivanhoe.

“It is a record price for a three-bedroom home in the suburb,” Barry Plant Wantirna director and auctioneer Brett Smith said.

“There were 125 inspections, 55 requests for contracts, and interest to bid from 25 buyers.”

According to records, the previous top sale was in 2017 for a three-bedroom house at 4 White Road, which changed hands for $1.399 million.

The Jessica Close house, built 26 years ago, was in a neat and tidy but original condition and was owned by a couple in their late 80s who are going into retirement living nearby.

“The owners were ecstatic with the result as they had a poor auction experience in the past,” Mr Smith said.

Another outstanding auction that day was at 3 June Court, Bayswater, with the 60-year-old home selling to a first-home buyer.

“It was another crazy auction as the property, which needed work, drew 15 bidders and sold for $1.198 million from a seller’s reserve of $860,000,” Mr Smith said.

There was plenty of interest in the property, which racked up nearly 150 groups at inspections in three weeks.

On the market for the first time, the property attracted multiple bidders who were mainly first-home buyers and investors.

The agency also notched another strong pre-auction result with 2 Snowden Place, Wantirna South, which changed hands for $1.308 million.

Mr Smith said the driving factor behind recent strong results was the lack of quality homes for sale and keen buyer interest.

“The level of properties for sale is 40-50 per cent lower than usual, and this is driving demand and delivering exceptional results for vendors,” he added.

He noted that the agency had increased its market share in Knox suburbs in the last six months and was the Number 1 agency in Wantirna, Wantirna South, Knoxfield, and Scoresby.

“Barry Plant Wantirna has been operating here for 40 years, and when the market turns down, people turn to agents with experience and a track record like ours,” Mr Smith said.

“We have strengthened our team with experienced and new agents.”

Real estate & property news
16 June 2023
Save Article

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