Statewide Property Advocates were acting as Vendor Advocates for 2 Executors of a deceased estate.
According to the Herald Sun today Holmwood was the second highest sale at auction on Saturday
The property was advertised with a price range of $2.8 mill. to $2.9 mill.. There were 6 bidders who fought to secure the property which ultimately sold for $3.4 mill.. The number 8 had significance to many of the buyers.
Bidding was initially in $50,000 increments but soon got down to bids of $1000 and towards the end jumped to bids of $5000.
The #auctioneer Simone Chin (pictured) did a great job in an auction that took over 25 minutes before a final $5000 bid secured the property for the lucky buyers.
The property included a 1930’s house in need of substantial renovation on a block of 699 square metres. We understand the buyer intends to demolish the house and build a new home.
The final price was at levels achieved two years ago which is a very firm indication of how well the market has recovered since May the 18th. Our experience in recent times across many suburbs is that prices are back to 2017 levels, which in our view reflects the high level of confidence in buyers. Only 6 months ago multiple bidding, as seen in todays auction, was a rarity.