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Aggressive bidding a sign of the times

When you’re dealing with a property market where there are so many determined buyers competing for a limited number of available properties, we really shouldn’t be surprised when some buyers start resorting to some fairly aggressive bidding tactics in order to try to secure their chosen property.

We saw quite a bit of that this week, including one bidder placing an opening bid more than $100,000 above the reserve, yet the competition still continued between multiple bidders. In some cases, we saw as many as 90 bids being placed between five separate buyers…and 88 of those bids were above the reserve!

Here’s an overview of some of this week’s amazing results:

Airport West: Hillside Grove. As we mentioned last week, this pristine three-bedroom townhouse attracted such strong interest that a convincing early offer of $790,000 saw the SOLD sign go up in the first week of the campaign.

Essendon: Pascoe Vale Road. A modern two-bedroom apartment in the popular Kin building found new owners after a strong mid-week sale at $525,000 (pictured).

Essendon North: Keam Street. Attracting interest from a mix of market entrants and downsizers, this two-bedroom villa exceeded the reserve in selling at $592,500.

Keilor East: Sterling Drive. This three-bedroom home was ‘on the market’ after the second bid, but that didn’t stop three determined bidders pushing the price more than $110,000 further, with the gavel finally falling at an impressive $881,500.

Keilor Park: Spence Street. When the opening bid at an auction exceeds the reserve by more than $100,000, you’ll often find that the bidder is attempting to ‘knock out’ their competition from running. In the case of this four-bedroom home, however, the starting bidder had to push on against another two competitors before the SOLD sign went up at more than 20% above our delighted vendor’s reserve!

Maribyrnong: Pridham Street. In one of the more remarkable auctions Maribyrnong has seen for quite some time, this potential-filled three-bedroom home was ‘on the market’ with the second bid…but the auction took a total of 90 bids from five buyers before finally reaching its conclusion. The eventual sale price of $1.406 million was more than $250,000 over the reserve!

Moonee Ponds: Corio Street. Our Twilight auction on Tuesday evening saw four bidders push the price of a single-level three-bedroom residence close to 10% above expectations, selling for $1.13 million.

Tullamarine: Melrose Drive. A conveniently located three-bedroom townhouse proved the value of teamwork when a combined effort between our team and our colleagues from Gladstone Park office produced a very satisfying sale at $585,000.

Of course, if you are considering selling, it’s worth remembering that the official start of the strong Autumn selling season is on Monday. So, if you’d like to talk about the most effective ways to achieve a result like these on your own property, be sure to give the team at Barry Plant Moonee Valley a call this week on 9373 0000.

Best wishes,

Bill Karp

Director – Barry Plant Real Estate

Essendon & Keilor East