Five bidders fought hard over a five-bedroom Canterbury home that sold for $5.2 million after an “aggressive” auction on Saturday.
73.7 per centattracted about 40 bids, Jellis Craig director and listing agent Geordie Dixon said, with prospective buyers drawn to the home for its location and the freedom it offered to renovate.
Bidding for the home opened at $4.6 million, and it was announced on the market at $4.85 million. Dixon said the pace of the auction fluctuated, and it came to a close with two knockout bids of $20,000 — one from the underbidder and the other from the winning buyers.“They had three girls grow up in the house and loved it,” Dixon said. “It was time for the next generation to take over.”
“Sellers have now been educated to the market being weaker,” he said. “It doesn’t mean the prices are up there where they were 18 months ago. They are back on the way up.” In Coburg, a three-bedroom home sold to a professional couple for $1.35 million in another competitive auction. One popular feature were the lead-light windows, which were fixed over regular double-glazed panes with magnets.He said supply issues were continuing to drive strong auction performance.Ray White listing agent Trevor Bowen said the property was already partially renovated by the previous owner.“There were plenty of options for the home. It could have been subdivided, renovated, it could have been rented out,” he said.
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