Real Estate

Price sets the pace in rapid-fire Prahran auction with $76,000 premium

7 Larnook St, Prahran - for herald sun real estate
Written by The ReReport
As seen in the Source link, written by on 2019-03-16 20:49:29

7 Larnook St, Prahran, blasted past its auction reserve amid high-speed bidding.

High-speed bidding at times too fast for the auctioneer to keep pace with has propelled a Prahran house $76,000 past reserve.

Bidding for the house at 7 Larnook St opened with a $1.3 million vendor bid, but rose quickly as three bidders fought for the property.

The three-bedroom home was declared on the market at $1.4 million, but the price climbed to $1.476 million in a rapid exchange of $5000, $1000 and $500 increments.

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Marshall White auctioneer Fraser Cahill said the auction had been one of the fastest he had held this year.

Auction pic

Marshall White auctioneer, Fraser Cahill, worked hard to keep pace with bids made less than a second apart. Picture: Sarah Matray

“It was probably the end of last year since I have seen one like that,” Mr Cahill said.

It showed good results were still achievable for homes that were priced correctly, he added.

“And a result like that does give you some confidence,” he said.

A mix of downsizers, investors and professional couples had been attracted to the property — with about 100 inspecting the house before it went under the hammer.

7 Larnook St, Prahran - for herald sun real estate

An open-plan living area spills out to a deck at the rear of the home.

It is believed the vendor was selling the house to free up capital for other plans.

Both of the underbidders planned to move into the house.

But the keys went to Cate Bakos Property buyers advocate Amy Mylius, who bought the house on behalf of an Adelaide-based investor.

Long-term scope for capital growth was enough to draw interstate investors to the city despite recent market jitters, Ms Mylius said.

7 Larnook St, Prahran - for herald sun real estate

The home teamed high, angular ceilings with timber floors for strong aesthetic appeal.

“Even though Melbourne has declined, the jobs and income growth and migration are all positive,” she said.

“Buyers have seen the sky isn’t falling, and the ones who have finance are getting a lot of good opportunities. And the vendors were quite realistic with the property (and price).”

Buyer sentiment had improved in recent weeks, Ms Mylius added.

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“Three bidders is pretty good for any property in this market,” she said.

“At the moment it’s more like one or two at most properties.”