Inner-west two bedder sells for $915,000 after auction pass-in
An investor selling a Seddon property in Melbourne’s inner west has settled for less than the reserve price in post-auction negotiations with a single bidder.
two bedroom house 16 Charles Street It sold for $915,000 and had a price guide of $890,000 to $950,000. It had a reserve of $920,000. It has high ceilings, wooden flooring and period fireplaces.
The property was one of 1071 properties scheduled to go up for auction in Melbourne this week.
Jas Stephens Real Estate principal agent Andy Simpson said only one of the two interested bidders – the first home buyer – showed up for Saturday’s auction and opened with a bid of $900,000.
“Then I made a seller offer of $910,000 and they went back up to $915,000,” Simpson said.
“It was so fast and we passed it [after] the $915,000 one and owner accepted this price after auction.”
Simpson said the seller was an investor who lived on the other side of town.
“I suggest this [they were selling for the same reasons] “Like other investors right now, with all the taxes coming in, that’s no longer the case.”
He said first home buyers were “becoming a bit wary after reading about the property market in the media”. So the numbers were a little low in terms of participation and interest.”
Simpson said it was still receiving interest from interstate investors, particularly in Sydney.
In Melbourne’s mid-north, a first-time homebuyer couple paid $880,000 for a family home in Thomastown after outbidding a first-time property buyer friend at a flash auction.
Home 167 Victoria RoadThe apartment, which had three bedrooms, a large backyard and a comprehensive security system, was priced between $780,000 and $858,000. It had a reserve of $875,000.
There is no legal requirement for a seller’s reserve to match the property’s price guide.
Mario Tucci, principal agent at Harcourts Rata & Co, said two of the three registered bidders were competing for the home.
“Opening bid was $780,000 and rose by about 10 seconds [$10,000] and 5s [$5000 increments] “to the end,” he said.
Tucci said both active bidders were young, first-home buyers looking for a family home.
”[The federal budget] to have destroyed all investors …This is a very unfortunate situation,” he said.
“Because now investors only buying brand new property“Predominantly the buyers right now are owner-occupiers.”
