Real Estate

Glen Waverley house gets $400K premium, but it’s nothing special

Written by The ReReport
As seen in the Source link, written by news.com.au on 2019-10-28 17:09:46

An unremarkable Glen Waverley house prompted a two-horse race with a more than $400,000 windfall for the vendor when it went under the hammer.

Homebuyers across Melbourne proved they’re not horsing around, buying 77 per cent of more than 1500 homes auctioned on a bumper super Saturday a week before the Melbourne Cup.

But they might have to rein in their plans this weekend, with just 218 homes to go under the hammer a few days out from the race that stop’s a nation.

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Harcourts Judd White director Dexter Prack said the vendors and neighbours were left asking “what happened” when 9 Kiah St sold for $2.05 million, after being called on the market at $1.6 million.

An initial field of five bidders thinned to two who were neck and neck from $1.7 million to the finish line in a result Mr Prack wasn’t expecting to see repeated anytime soon.

“These two buyers just wouldn’t give up,” he said.

“People are asking me what was special about it, and I have to say: ‘nothing’.

“It was just two people who really wanted it. They liked the area, and I don’t even know that the school zone was a factor for them.”

Despite the spirited bidding and high price, the buyers plan to knock the house down and build their dream home in its place.

At the other end of the scale, first-home buyers were also pushing prices up, according to Ray White Gladstone Park’s Phillip Mercieca.

A first timer pushed a three-bedroom house at 90 Clarke Drive from its $640,000 reserve to a $712,000 sale. Later in the day the underbidder from that auction – also after their first home – bought a four-bedroom house at 12 Highcliff Close for $705,500, a figure $65,500 above reserve.

“They (first-home buyers) usually pull the pin out at $630,000,” Mr Mercieca said.

“But there’s a fear of missing out before the market goes up any further.”

CoreLogic auction market commentator Kevin Brogan said when the Melbourne Cup was behind us, an increase in auctions would commence the traditional pre-Christmas rush – though numbers this year appeared likely to be below those seen last year.

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“We are seeing there’s confidence from the buyer side, but not from people listing homes for sale,” Mr Brogan said.