Proof is in the pudding for first home buyers!

161 Bell Street offered its fair share of character and charm with etched glass doors, decorative ceilings, a tapestry brick fireplace and polished timber floors. It had also undergone some updating in the kitchen and bathroom, but still had plenty of potential for future upgrades.

This convenient little home had attracted plenty of interest from several first home buyers, along with their usual combatants – the investors – so we expected a competitive auction. However, given its location on Bell Street, few of the onlookers would have expected the level of competition that emerged once the bidding opened.

The opening bid of $600,000 was soon topped by a very confident counter-offer of $650,000, with four bidders showing their hand during the battle. The property was declared ‘on the market’ at $680,000, but the competitive spirit kept the bidding going all the way to $770,000. This was a premium of more than 10% for our happy vendor, and the winning bidder was, of course, a delighted first home buyer.

This is particularly good news for any home owners in our area with a property in the sub-$1 million bracket, as today’s result reflected the strong demand we have been reporting throughout 2017. Clearly there is no sign of it dropping off as we approach Christmas!

Based on the market we are dealing with now, there is every reason to expect that things will kick off very quickly in the new year, so if you are considering selling, don’t hesitate to get in touch. A few simple preparations now could give you a real edge if selling in January. So, don’t hesitate to give us a call.