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Wantirna South seller’s 90-minute wait for $300K auction bonus

Real estate & property news
18 February 2023
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Market is ‘price sensitive’ but quality homes still fetch top results

An auction that moved at a snail’s pace has ended with a hefty bonus for the patient sellers.

The auction of 10 Lestwick Rise, Wantirna South, on February 11, took 90 minutes to complete, as two bidders slowed proceedings with tiny $500 rises.

However, the $1,872,500 result gave the sellers a windfall of almost $300,000 above their $1.575 million reserve price, Barry Plant Wantirna agent Chris Hodge said.

“The bidding went very slowly because the buyers wanted to bid only when the property was called on the market,” he said.

“It picked up when the bidding reached $1.54 million, but two bidders only made increments of $500.”

With a price guide of $1.4-$1.54 million, the property attracted more than 100 buyers through the campaign.

“There is not much to choose from at the top end of the market,” Mr Hodge said.

“We had six bidders on the day and several buyers had budgets of up to $2 million.

Attracted to the location and quality of the home, the buyers were a family who engaged an advocate to bid on their behalf.

In images 1/310 Lestwick Rise, Wantirna South, 3152

Over the moon with the result, the sellers plan to move to Wheelers Hill where they are building a new home.

“Although it is price sensitive, the market is still good for quality properties,” Mr Hodge said.

A sign of the strong demand in the Knox area, a property at 78 Barmah Drive, Wantirna, sold off-market for $120,000 above the seller’s expectations. The four-bedroom house fetched $1.12 million on February 2.

“We had the listing for a couple of days and brought along a buyer who had missed out at several auctions and was keen to secure a home,” Mr Hodge said.

The agency also sold a nearby property at 71 Barmah Drive for $1.122 million late last year.

Meanwhile, Barry Plant Wantirna partner Brett Smith has sold two adjoining homes for strong prices within a short period.

A five-bedroom, five-bathroom house at 10 Selwood Court, Rowville, fetched $1,417,500 under the hammer on February 4.

And last December, Mr Smith sold a four-bedroom, four-bathroom house at 12 Selwood Court for $1,392,500.

In images 1/212 Selwood Court, Rowville, 3178
Real estate & property news
18 February 2023
Save Article

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