Wednesday, 27 May, 2020

Subscribe to Coester News:

Enter your email address:

Delivered by FeedBurner

Knox property market: auctions sizzle, confidence grows

Turning up last minute didn’t stop a buyer snaring a home from six competitors, giving the vendors a windfall.

Another eight potential bidders were left behind at the rainy August 10 auction of 20 Townview Ave, Wantirna South.

RELATED: Buyers act now to avoid higher prices and competition in spring

Sellers back in favour as tight winter supply to continue

The Basin: Knox suburb outperforming neighbours

The renovated interiors at 20 Townview Ave.

The kitchen has been refreshed.

The auction sailed past the $920,000 reserve price by $166,000 for a $1.086 million result.

“The buyers from Mt Waverley only saw the house that day, inspected it and liked it because it was close to schools,” Barry Plant Wantirna agent Brett Smith said.

The sale price was well above recent results for similar properties nearby, with 3 Townview Ave fetching $920,000 and 3 Rochelle Court $910,000 earlier this year.

Five bidders competed for the keys to 23 Frudal Cres.

It was not the only strong auction result in Knox suburbs that day, with 23 Frudal Cres, Knoxfield sold for $1,180,500 on a $1.1 million reserve.

It also attracted multiple bidders with five hopeful buyers raising their hands.

Knox recorded a strong 80 per cent clearance rate from 10 auctions for the week ending August 11, according to CoreLogic.

This dated 100 Stud Rd property fetched more than $100,000 above reserve.

Another recent sale saw a 50-year-old home at 100 Stud Rd, Wantirna South fetch $802,000 under the hammer.

“It was an original three-bedroom house with no subdivision potential and the vendor wanted a private sale when we saw it back in April,” Mr Smith said.

“But we persuaded them to refresh the property and list it for auction because we noted a shift in the market.”

The change in selling method gave the vendor $122,000 above their $680,000 reserve price with seven bidders.

45 Mowbray Drive was snapped up in two weeks.

And in a sign of growing buyer confidence, a five-bedroom home of 40 years lasted just two weeks on the market in Wantirna South.

The 45 Mowbray Ave home sold to a family upsizing from a city apartment for $1.18 million.

The quick sale came after the vendor received three offers, with the new owners putting in a strong unconditional offer.

A new five-bedroom house at 32 Mowbray Ave fetched $1.295 million earlier this year.

MORE: Home of historic Cup winner seeking $20m

Balwyn leads east with price recovery

Would you pay $1m for no kitchen or bathroom?