Real Estate

one bid wins keys as others hold back and miss out in south melbourne

Written by The ReReport

A young buyer scored a great deal on 58 Palmerston Cres, South Melbourne after being the one and only bidder at auction.

A MOTIVATED buyer has scored a great deal on a rundown South Melbourne pad at auction after placing the one and only bid.
Three parties turned out to buy the two-bedroom terrace at 58 Palmerston Cres but only one placed a bid and the property passed in.
After exclusive negotiations it notched a $885,800 sale.

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The terrace features a range of period details including high ceilings, a classic architrave and a cast iron fireplace.

Buxton Bentleigh director Chris Hassal said some buyers had the mindset that a great deal could be scored after auction.
But he said if they wanted to make the most of a softened market, bidding at auction was the way to do it.
“There was one smart buyer who put his hand up, it passed in to him, he came inside and got the deal done,” Mr Hassal said.
“The other two buyers called about seven times after (the auction).
“They were trying to be shrewd negotiators and missed out because they didn’t bid and are now regretting it and on trying to find another property.”

But it was in need of a full renovation.

A young buyer who plans to completely transform the property secured the keys for $885,800.

The renovator’s delight had plenty of period highlights but was in need of some TLC and had a pre-auction price guide of $850,000-$935,000.
It was the most viewed Victorian property on that went to auction at the weekend and second nationally.
A young male secured the keys and plans to completely transform the terrace and live in it.
Mr Hassal said buyers needed to bid at auction to be in the game and shouldn’t assume the market would continue to drop.
“Some buyers are thinking the market has come off, and I agree it has, but if you’re not buying you’re not taking advantage of a great situation to buy,” he said.
“You can never pick the bottom of the market, just like you can’t pick the top.”

The property was one of Australia’s most viewed on heading to auction at the weekend.

Despite three parties wanting to buy the terrace, only one placed a bid.

Mr Hassal said it was still a good time for sellers if they had realistic price expectations.
“The fish are still in the sea, buyers just need to get their hook where the fish are at,” he said.
“When the properties are priced correctly they are still selling.”

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