We acted as Vendor Advocates at the sale of a property in Koornang Rd, Carnegie last Saturday.
Where to our astonishment, the property, which comprised land of 580 m2 approx. on which stood a house in such bad condition, that we refused internal inspections.
It sold way in excess of agents expectations. So, we are selling a block of land which had access from a rear laneway (bus stop at the front).
Four bidders took the selling price to $1,336,000 which was well over the agents quote range of $1,000,000 – $1,100,000!!
Amazingly, the buyers were a young couple (baby in arms) who plan to wreck the house and build their dream home.
Where is the money coming from?
The banks are the main source but increasingly we are finding The Bank of Mum and Dad is helping drive prices upwards.
As Andrew says, “don’t wait to buy, buy and wait”.