Reserve smashed as bidders give Bayswater vendor $10,000 beyond reserve a minute
Eight keen buyers gave a vendor $10,000 above the reserve for every minute of bidding in Bayswater.
The 10 Sasses Ave auction lasted around 12 minutes, ending at $781,000 to give the vendors a huge $121,000 over their reserve.
The modest three-bedroom, one-bathroom house on 723sq m had been polished up for auction.
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Its entry-level price guide of $620,000-$680,000 proved a huge draw, with 230 groups at the inspections, Barry Plant Boronia agent Keith Wilson said.
“There was strong interest but we did not expect such a huge result,” he said.
“The market has changed in the last four weeks, mainly due to the lack of stock.”
Described as a “first home haven”, the home attracted mainly first-home buyers and some investors.
A large crowd of about 120 turned up, with a first-home buyer from Box Hill outlasting a local bidding on behalf of his children.
The vendors had purchased the property for $260,000 in 2006, sales records show. They will be upsizing to The Basin, Mr Wilson said.
The Sasses Ave property has a good location close to three primary schools and it had been rendered and the kitchen and bathroom updated.
Outside is a large covered deck looking over a large backyard.
Bayswater had a median house price of $715,000 in the year to May, according to CoreLogic data, falling 11.5 per cent over the period.
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