Surrey Hills mansion soars $390,000 past reserve
A Surrey Hills mansion smashed its reserve by $390,000 in a week of big sales in the suburb.
After an opening bid of just $2 million for 62 Essex Rd, it ended up fetching $3.39 million under the hammer on March 23.
A large crowd watched as four bidders pushed the price up, surprising Jellis Craig agent Belinda Anderson.
“We didn’t expect that it would go that high at all — it was quite a shock to us,” Ms Anderson said.
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Ms Anderson said Jellis Craig had listed the property for an extra week to help complete a strong sale.
“Years ago when we had a similar market, we were doing five week campaigns — I think it gives buyers time to really think about it,” Ms Anderson said.
With 91 groups going through the five-bedroom property prior to sale, there was no shortage of interested onlookers at the auction.
“I think the reason the market’s doing well is we’re starting to see a slight shortage of stock,” Ms Anderson said.
“There are people out there looking for properties to buy, which was evident on Saturday.”
“The buyers are out there and they want to buy, so the shortage is probably going to get greater and the number of buyers are going to build.”
Ms Anderson said the property was in a great location and was a good size for a family with teenagers.
Also in Surrey Hills, a three-bedroom home at 9 Weybridge St sold for $2.35 million and a four-bedroom house at 14 Albion St sold for $2.125 million on March 23.
A Box Hill South apartment sold for an undisclosed sum after the buyers initially won the keys with a bid of $658,000 but asked to pay extra to avoid the “unlucky” number.
The middle-aged local Chinese buyers beat out one other bidder, a young couple, in the March 23 auction, and plan to use 2/310 Station St as an investment property with the option of moving in later.
Fletchers Manningham agent Stephen Cook said there had been a noticeable increase in auction activity.
“There’s added confidence compared to late last year and it has shown at auctions,” Mr Cook said.
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