WEEKEND PENINSULA AUCTION WRAP

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WEEKEND PENINSULA AUCTION WRAP

A small sample size of property went to auction over the weekend.  The results were mixed, most offerings unable to find a marriage.  Agents are working hard with deals being done after auction and vendors having to rethink their position, especially at the entry and investor level.

Premium level stock continues to outperform.  Speaking with agents over the weekend; the feedback suggests buyers are still in the market place for premium level stock; the issue is time delay and potential buyers from outside the peninsula needing to sell closer to town before committing to their peninsula abode. 

Homes are still turning over; they just take longer than this time last year.

7 Roy Court Mount Eliza exceeded expectations.  Called on the market at $1.3Million with a phone bid from an interstate buyer, 2 competitors came with $10,000 and $5,000 spurts edging the price past $1,480,000 before $2,000 and $1,000 bids dragged the auction into overtime.  At $1,500,000 a new bidder entered and 2 bids later the home was successfully sold for $1,515,000 and nice fill up for the vendor and still cheap buying in this location.  

2A Rothesay Avenue in Mornington was another example of location paying off.  Successfully selling on Saturday over its advertised EPR for a solid $1,311,000.  Both Roy Court and Rothesay Avenue homes are in need of attention but the locations brought the buyers and the money.  

Still a good selection of premium level stock on the market.  Check out our best picks at the tiles below.  We’ll be back on Thursday with this weeks featured home.  Enjoy your week and keep the faith; it’s only money.

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