Auction Report

Auction Report

Each quarter we provide insights and statistics on recent auction results from right across Australia.

Here's a feature auction snippet from our most recent report;

A property that had been in the family for decades had finally reached the day that it was to be passed over to a new family. The house itself had seen better days, and no updating had taken place so people looking to buy would be looking at its land value.

Cost of building is at crazy levels right now, so not a whole lot of hope was held for it, and a modest reserve of $1.25 million was set by the family.

What happened afterwards shocked everyone! Bidding started at only $900,000, but the action simply did not stop, as six bidders kept coming in and out of the bidding, at times bidding frenetically, which had the agents struggling to keep up.

None of us saw this coming. It’s in a very tightly held pocket, location is really good, but as it sailed past $1.3 million without breaking a sweat we wondered how far we could send this for the amazing family that we were representing.

author

Andy Reid
0451 085 998
andy@apollopg.com.au

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