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Would an extra $403,000 be helpful?

Once again this week we’ve seen further signs of just how strongly the property market in Melbourne’s south east has rebounded from the restraints of the lockdown.

Not only have we seen huge numbers of buyer inquiries coming in via email and phone as countless buyers compete to secure their next home, but in one particular result we saw just how big a difference that competition can make to a vendor’s result.

The auction that got everyone in the area talking this weekend involved a single-level four-bedroom home on a large corner block in Frankston. Currently used as a medical practice with five consulting rooms, the property attracted interest from a variety of buyers with interest in the possibilities as an investment, a site for a business, or even the potential for a townhouse redevelopment subject to the appropriate Council approvals.

Of course, both the developers and families considering an upmarket renovation saw extra value in the location, being situated in a high demand High School zone and being close to parks and the beach. However, no-one quite expected the auction to go quite as far as it did.

Under the experienced guidance of expert auctioneer, Tony Larkin, five bidders fought it out in a spirited bidding duel that saw our ecstatic vendors achieve a sale price of…wait for it…$1.503 million. This was a remarkable $403,000 (more than 36%) above the reserve!

With so much pent-up buyer demand still impacting the property market, the scene is set for a lot of local property owners to reap the benefits by selling over the next month or two, (a period that might normally be expected to be a quieter time in the market).

Of course, if you would like some specific advice on maximizing your property’s appeal, the team at Barry Plant Cranbourne would be only too happy to help, so feel free to give us a call this week on 5990 9400.

Cheers,

Barry Plant Real Estate

Cranbourne & Frankston