Mildura homeowners gained more than $250,000 in just 16 months when their property sold in a fierce online auction.
The three-bedroom house at 13 Matotek Court (pictured below) fetched $652,000 on September 4, after the sellers paid $400,000 for the home in April last year, according to realestate.com.au data.
The surprising result came after five from 10 registered bidders pushed the price $102,000 beyond the reserve.
“We did not expect the price to exceed $600,000,” Mr Venneri said.
“The owners were so ecstatic, they were jumping out of their chairs and on the couches, and running out of the house, they couldn’t believe it sold so well.”
With a price guide of $525,000-$575,000, the 890sq m property attracted strong interest from locals and out-of-area buyers.
Buyers from Broken Hill and Melbourne were among the five who actively participated in the online auction that drew 35 bids.
“Once it got started, it went along quite quickly and the property was declared on the market at $580,000,” Mr Venneri said.
Local buyers won the keys to the home sight unseen.
“They were coming off farmland and wanted a good-sized property in town close to all the amenities,” Mr Venneri said.
“Just relying on online videos and photos, they bought it without visiting the home,” Mr Venneri said.
The property with a large workshop and room to park extra vehicles was a rare offering that attracted strong interest because of its size and location.
“There is a scarcity of this type of home in Mildura, and this one met the pent-up demand,” Mr Venneri said.
The online auction system is proving an efficient sales method that achieves outstanding results, according to Mr Venneri.
“We have confidence in the system because transparency is retained, and buyers and sellers are receptive to it,” he said.
“They are able to sit comfortably in the lounge rooms with their families, watch the auction, bid and privately speak with the auctioneer if they want to.
“It is a fantastic interactive method, which is important for an auctioneer and the bidders, and while it is virtually the same as an onsite auction, it’s more intimate and personal.”
The auction was the third online event by the agency this year, with the first two held on June 4, during the previous lockdown, achieving record-breaking results.
A three-bedroom house on 2.02ha at 546 San Mateo Avenue, Mildura, sold for $1.77 million, a huge $520,000 above the seller’s reserve, while a 3.62ha block of land at 683 Deakin Avenue, Mildura, was snapped up for $1.505 million or $305,000 above the seller’s reserve.
Both properties were potential residential subdivision sites that drew vigorous bidding from local and Melbourne investors and developers.
“City buyers defeated local underbidders in both auctions and the results set benchmarks for prices per hectare of land in Mildura,” Mr Venneri said.
“The buyers plan to establish high-density residential developments on the sites.”
Surging demand from locals and Melbourne owner-occupiers, investors and developers, has pushed up prices in Mildura, according to Mr Venneri.
“We have experienced a growth spurt here that started before Covid and has kept powering on,” he said.
City buyers looking for the country lifestyle are heading for Mildura for affordability, value and growth potential, he added.
The median house price in Mildura has grown 7.7 per cent from $325,000 in July last year to $350,000 in June this year, according to realestate.com.au.