Real Estate

two properties sold above reserve in a matter of hours

Written by The ReReport
As seen in the Source link, written by on 2019-10-29 11:14:56

Some hot auctions recently took place in East Gosford, where two deceased estate properties sold well above reserve on the same day.

A cute cottage at 20 Melbourne St near Caroline Bay sold under the hammer for a whopping $147,000 above reserve.

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Twelve bidders registered for the auction, with six actively bidding. Agent Trent Mullen from Gittoes East Gosford said that this was the most amount of activity that he has seen at one of his auctions in 12 years of selling property.

“There were buyers looking to renovate and lot of investors and developers, because of the R1 Zoning,” he said.

While most bidders were locals, a Sydney couple ended up calling the winning bid, paying $747,000 for the original three-bedroom home that they plan to knock down and rebuild.

Mr Mullen said that they are planning to move up to the coast for retirement, building a trendy home designed by renowned architects, White and Dickson.

Around the corner not long after the Melbourne St auction, another original property at 5 Enid Cres went under the hammer.

Also for sale with Mr Mullen, the red brick home sold for $605,000, a healthy $55,000 above reserve.


With six registered bidders, there were a couple of leftover buyers from the Melbourne St auction, but the buyer was a lady who had her eye on this one.

“The buyer was actually an investor whose family lives next door,” Mr Mullen said.

“She was very keen to buy from the get-go, but we took both of these properties to auction because we wanted to get the best price for our vendors. I think both properties achieved the prices that they did because of the auction campaigns.”

Mr Mullen said that people like buying property in East Gosford because of its proximity to Gosford and the beach.

“The location is great and there are all these trendy cafes that are popping up,” he said.

“East Gosford is one of the first markets to pick back up after a correction. These two properties were both on the flat part of the suburb, which tends to attract a bit more interest from buyers.”