Auctioneer Tom Butters calls for bids at 12 Langibanool Ave, Hamlyn Heights.
A couple who paid nearly $140,000 over the reserve for a three-bedroom weatherboard home in Hamlyn Heights are confident it will pay them back in the future.
The buyers revealed they were presently living with their in-laws when they bought the house at 12 Langibanool Ave at Saturday’s auction.
But they had their work cut out, competing against four other buyers in a frenetic auction.
RELATED: Savvy hack to break into property market
Feature-packed project pays off for young builder
Renovated home sets Grovedale record
One party from Melbourne was bidding on the phone, with four groups in the street among 10 that had registered to contest the 460sq m property.
Buyers advocate Tony Slack’s quick-draw bidding style rubbed off the competition, who were all keen to show they too had a desire to win.
12 Langibanool Ave, Hamlyn Heights, sold for $688,000.
The bidding opened at $525,000 and the property was declared on the market seconds later at $550,000 on the fourth bid.
But strong bidding advanced the price at a breakneck speed, firstly above $600,000 and eventually to the $688,000 sale price.
Mr Slack eventually dropped out at $660,000, saying it’s too much. But clearly not for the two groups will in the race.
12 Langibanool Ave, Hamlyn Heights, sold for $688,000.
Buxton auctioneer Tom Butters said with Melbourne still in lockdown, local buyers should be bidding to avoid the expected rush once restrictions lifted in the capital.
“They are locked up like caged animals right now and what happens after every lockdown is we’ve seen a surge,” Mr Butter said.
“If you’re standing here with those intentions, you’re the smart buyers.”
12 Langibanool Ave, Hamlyn Heights, sold for $688,000.
The buyers have secured the property as an investment, which they will occupy while they building in the nearby Gen Fyansford estate.
“We’re at the in-laws at the moment,” he said.
The $688,000 price was $138,000 above the reserve price.
The eventual buyers were the last to enter the bidding.
The median house price is Hamlyn Heights has jumped 14 per cent this year to $637,500.
The house occupies a 460sq m block, but offered no-street parking.
“I think it’s a great area and a beautiful street so we shouldn’t have a problem renting this out.”
The post Hamlyn Heights home sells $140K over reserve as buyers race to beat impending rush appeared first on realestate.com.au.
A couple who paid nearly $140,000 over the reserve for a three-bedroom weatherboard house in Hamlyn Heights are confident it will pay them back in the future.
The post Hamlyn Heights home sells $140K over reserve as buyers race to beat impending rush appeared first on realestate.com.au.
