Solid auction results point to healthy market in outer-east suburbs
Midweek and Saturday auctions deliver six-figure windfalls
Sellers have received strong prices at auctions as buyers shrugged off concerns over interest rate rise.
Amid keen buyer interest, auctions in several outer-eastern suburbs drew multiple bidders and delivered well above sellers’ expectations.
At a midweek twilight auction on May 11, 3 St Ives Court, The Basin, attracted four bidders after a strong sales campaign.
“The house is in a tightly held pocket in a court where no home has sold in more than three decades,” Barry Plant Boronia agent Monique Fitzgerald said.
“The buyers were a family with young children who wanted to live close to the primary school.”
The auction took off with strong bidding and the price quickly sailed past the seller’s reserve of $780,000 to achieve a massive result of $942,500.
“We were all surprised by the strong outcome,” Ms Fitzgerald said.
She noted a similar three-bedroom house nearby sold with another agency recently for $813,000 or more than $100,000 less than the 3 St Ives Court property.
“At the moment, the market is still going strong as buyers have already factored in the interest rate rise, and they are buying for the long term,” she added.
Another auction that delivered the seller a six-figure windfall was at 173 Dorset Road, Boronia, with five investors and developers circling it.
The auction lasted 15 minutes with 54 bids pushing the result to $921,000. The 983sqm property was called on the market at the $800,000 mark.
“The block caught the eye of investors, developers and land bankers, and achieved another strong result,” Ms Fitzgerald said.
The property was marketed as one of the last development opportunities on Dorset Road, which has a central position in the suburb and is surrounded by new units and townhouses.
And in another good sign of the market’s vitality, a three-bedroom house on a subdivided block of 379sq m at 1A Keeler Avenue, Bayswater, fetched $921,000.
Three buyers competed for the property and a buyer from Mitcham landed the keys with a bid of $31,000 above the reserve.
In comparison, a three-bedroom house on a larger 743sq m block in the same street sold for just $925,000 in April with another agency.