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Reservoir auction: ‘They wouldn’t stop bidding’

Real estate & property news
22 November 2022
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Prices creeping up and market becoming stable, agent says

A seven-bidder auction that resembled 2021 boom market conditions has given the seller a $128,000 bonus.

A crowd of 100 witnessed 19 Mackenzie Street, Reservoir (image below), fetch $1.328 million, with the seller’s reserve price set at $1.2 million, on November 19.

“The buyers wouldn’t stop bidding and the auction went past the reserve quickly,” Barry Plant Reservoir auctioneer Ross Kontossis said.

“It was a really strong campaign and the auction was like this time last year, and the result was a surprise.”

The four-bedroom house with parking for five cars had attracted many families seeking a spacious home, he added.

The new owners, who had sold in the eastern suburbs and are renting in the CBD, outbid local families.

“The buyers were looking for better value and something bigger for the family,” Mr Kontossis said.

More than 50 groups of buyers had inspected the property that was owned by the same family for 25 years.

“The street is family friendly and most of the buyers were locals looking to upsize,” he added.

The single-level house on 1083sq m features generously proportioned living and bedroom spaces, an outdoor entertainment area, large backyard, manicured gardens and a garage plus a carport.

Mr Kontossis said there were many buyers seeking quality homes in the area but were faced with a lack of properties for sale.

“We would have sold another house the same day to the underbidder if we had the stock,” he added.

The agency auctioned another property in the same suburb that day at 4/50 Barton Street, which changed hands for $455,000.

Outbidding three competitors, a first-home buyer paid $15,000 above the seller’s reserve price to win the keys.

The two-bedroom unit is in a desirable position near Ruthven and Reservoir train stations, Edgars Creek Wetlands and Edwardes Lake Park (Main image above).

The market in Reservoir and nearby suburbs “was holding up well with buyers having an appetite” to purchase property, he said.

“Buyers think the interest rate rises will soon stop and the market is more stable, so we are starting to see prices creep up again,” Mr Kontossis said.

Real estate & property news
22 November 2022
Save Article

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