PERSISTENCE paid off for the buyer of a classic weatherboard house in Newcomb that beat expectations by $5000 at the weekend.
The Melbourne investor had been scouting the hot inner eastern suburb for some time and struck with three other bidders at Saturday’s auction.
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But the wait to secure the 725sq m property with a three-bedroom house might have been fortuitous as Fruit Property agent David Phillips said a number of buyers questioned whether the $450,000 to $495,000 price guide was an in indication the property was priced to sell.
Mr Phillips said the price guide reflected a changing market.
“We opened it up on a vendor bid at $440,000 and it was it was strongly contested with two buyers from $460,000 onwards,” Mr Phillips said.
“He’s been trying to buy in Newcomb for some time. He plans to rent it out and possibly do a subdivision.
“There’s a precedent already in the street which is good. I had this buyer, I had two others buyers that were in the same position for buying and the fourth was a young first-home buyer,” he said.
But Mr Phillips said there was more interest during the campaign.
“I had a good number of people come through but they were pretty much just researching what it was worth now on value,” he said
People were asking this is priced for it to sell, but the market has changed, that’s where the market is now.”
It’s the second property to hit $500,000 in the street in 2018, following a sale of a 648sq m property in June.