‘Piggyback’ ride nets extra $200,000 for Doncaster neighbour
Riding the coat tails of a next-door neighbour’s auction on the same day gifted one Doncaster vendor $216,500 above reserve as Manningham and Whitehorse recorded a combined clearance rate over 80 per cent for the fourth straight week.
Sensing a rare opportunity, the owner at 47 Finlayson St brought forward plans to sell her three-bedroom house when neighbouring 45 Finlayson St appeared on the market.
After No. 45 sold for $1.376 million to a developer at the September 7 auction, No. 47 sold for $1,366,500 just hours later, with that same developer missing out as underbidder.
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“They were thinking of selling early next year,” Barry Plant Doncaster East director Mark Di Giulio said. “I said to the owner, ‘In that particular location, because there is a lot of redevelopment happening, it may be a good opportunity to piggyback off of that sale’.”
“We used the competitor’s property as a leverage to get my client a better price.”
Five bidders vied for the keys in the hotly contested auction.
“The fifth bidder bought the neighbouring property two hours earlier, so they had a significantly higher stake in purchasing No. 47,” Mr Di Giulio said. “In order to have a significantly larger development site, my property was the last piece of the puzzle.”
But after stretching the budget to land the first property, the developer lost out to a local looking for a “project” property, Mr Di Giulio said.
“We were just lucky that person who bought that (neighbouring property) earlier wanted to buy ours,” he said. “From $1.2 million onwards it was just two (groups) that were fighting to secure the land.”
Mr Di Giulio also called a marathon non-referral auction, where the auctioneer does not go back inside to consult the vendor, at 28 Sandra St, Bulleen, where nearly 280 bids saw the property sell for $348,000 above reserve.
Four groups placed bids at the property, with two local families making the late running, enticed by the proximity to Marcellin College.
The four-bedroom house sold for $1.338 million, with the $990,000 reserve price agreed on by the vendor before the house went under the hammer.
In another lengthy auction, a Box Hill weatherboard house with period features sold $402,000 above reserve after over 235 bids were placed.
Nine groups placed bids at 3 Davey St, with a family beating local developers and other homebuyers with the final bid of $2.052 million.
After buying the four-bedroom house for $135,000 in 1995, the vendors were “pretty excited” to sell the property for above $2 million, Buxton Box Hill director Jim Chen said.
“They said, ‘If we can get $1.65 million, we’re happy with it’,” Mr Chen said.
Bids were coming in so fast that the agency couldn’t record them all, Mr Chen said.
“It’s very hard to find a property like this,” he said. “The location and the layout of the house attracted buyers that want to stay in the area — it’s close to everything but it’s not too busy.”
A substantial property size of 1035sq m, north-facing backyard and proximity to Box Hill High School appealed to buyers, Mr Chen said.
Investors and land bankers ensured a Burwood house opposite Deakin University spent just two days on the market before selling for $1.368 million.
The six-bedroom property at 9 Gillard St was listed at a price range of $1.19-$1.3 million, receiving several offers in that range before selling above.
“The most important point is the property is right opposite Deakin University — very good for renting,” Ray White Burwood director Hans Liu said.
“As soon as we had it on the market, we got quite a few phone calls in straight away — we got an offer four weeks before the auction,” Mr Liu said.
Manningham and Whitehorse’s combined clearance rate for the week was 81.5 per cent, according to CoreLogic. The east once again outperformed Melbourne’s preliminary clearance rate of 76.6 per cent.
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