A builder’s resort-style home has sold almost $300,000 above reserve in a fierce seven-bidder contest.
The house at 3 Lydia Court, Wantirna South sailed over a $1.3 million reserve to a $1.59 million result.
“There were seven bidders and a few more who did not get a chance to bid,” Barry Plant Wantirna auctioneer Brett Smith said.
“The buyer and underbidder were both of Chinese descent and potential buyers included Indian families and recent migrants.”
The new owners were a family renting in Glen Waverley who chose Wantirna South because they “could get a better house and better value”, Mr Smith said.
It is the family’s first home purchase in Australia.
An equivalent property in Glen Waverley with similar luxury finishes and resort-style features would have cost several hundred thousand more, Mr Smith noted.
“What made this home so attractive was that it was custom-built by a builder and was very well maintained,” Mr Smith said.
“I have sold more than 500 homes over 10 years and have never seen anything like the quality this house has.”
The 25-year-old home had a $1.2-$1.32 million price guide and the result was the second highest sale in the suburb this year.
“It was an unexpected result and the vendors were hoping to get around $1.3 million but the market is hot right now,” Mr Smith said.
The agency sold all of its five properties up for grabs under the hammer on October 26.
The Knox council region reported an 87 per cent clearance rate for the week ending October 27, according to CoreLogic figures.
There were 46 properties up for auction, with 33 sold on the day, six prior to auction and five passed in. Melbourne’s clearance rate was 77 per cent from 1152 auctions.