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A mixed bag of Peninsula auction results over the weekend, a few exceptional, a few disappointing, most as expected selling within the EPR or above. We identified two properties of interest and they didn’t let us down.  Both were a fill up racing past reserve; supplying excellent outcomes for the vendors and creating new chapters in Premium Peninsula real estate history. 

A cracking Autumn day, helped draw a big crowd for 6 Kunyung Road Mount Eliza.  On offer was a 1928 4 bedroom bungalow overlooking Moondah beach.  The home has a beautiful classic façade and has been held in the same family for three generations.  In need of TLC but arguably one of the best positioned homes in this popular peninsula hamlet. Vicki Sayers from RT Edgar had done a fine job marketing the property and  her team were in playful spirits bouncing in and out of the large crowd, like a kindle of kittens, purring at the prospect of a big bowl of milk.  Auctioneer Paul Armstrong got proceedings underway and with an opening bid of $1.5Million, quickly intervened with a vendor bid of $2.5Million and set a bid rise of $20,000.  Five hopeful parties all had a go,  the property was called “on the market” at $.2.8Million and it quickly became a two horse race edging past $3Million; surging past $3.3Million racing to $3.4Million in $10,000 increases. One bidder changed strategy, entertaining the crowd and making life a tad difficult for Paul; adding $1000 to the end of each of his competitor bids.  It was hard to pick a winner, neither party looked like backing down and after a taxing bidding war eventually the under bidder conceded defeat and Paul knocked down the home for $3,590,000.  An outstanding result for the vendor adding an extra $790,000 to the ticket price. It will be interesting to see the next evolution of this historical Mount Eliza home.

48 St Pauls Road Sorrento went to auction on Sunday with the threatening rain clouds holding off for Auctioneer Rob Curtain of Sotheby’s International to end the four-week marketing campaign handing the property over to the public.  The home itself is ready for a makeover or push over, probably the latter and land prices in this pocket edging between $1500 – $1800sqm the block size of 1069sqm held real appeal.  A good crowd turned out, interested neighbours, and thankfully several bidders who were keen to secure the keys.  An opening bid of $1; yep $1 forced a vendor bid of $1,000,000 and Rob seeking $50,000 rises. Four parties battled it out quickly passing the reserve and at $1.5Million it came down to two.  Further bids of $10,000 and $5,000 increments with Rob working hard to extract the best outcome for his vendor. When the contract hit his hand the property was sold for $1.6Million.  The statement of information suggested an ERP at the higher end of $1.35Million ensuring the result was positive for the vendor, excellent for future Sorrento sales and held to the recent land value coming in at around $1600sqm. The land size and location is ripe for a new home build and an opportunity to set a new benchmark property in this exciting Sorrento locale.

Auction numbers are still healthy and next weekend has  good stock levels up for grabs.  Auction times are updated every Wednesday so feel free to pop back and check out whats for offer.  There’s quality premium homes for sale across the district and you can see our top picks at the links below.

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