There was "rapid-fire bidding" as a Figtree home went under the hammer last week.
After a series of bids within just a couple of minutes, first home buyers were ultimately the successful party.
For this week's Under the Hammer, the selling agent, Cristian Cignarella from The Agency Illawarra gave us the lowdown on the sale.
Read more: $1000 extra bid scores Towradgi buyer a second property in his own street
The property: The four-bedroom duplex at 1/38 Sorensen Drive, Figtree.
The property features a double lock-up garage, multiple living areas and a low maintenance backyard. The home was built in 2012, and also features an open-plan living area adjoining a large entertainers' balcony affording a panoramic vista east to the Pacific Ocean.
The result: The home was sold for $1.11 million under the hammer. The price guide was $950,000.
What made the property special?: It's strata titled, but has no strata fees as it's self-managed. It was a good size, with beautiful views and in a desirable suburb, especially for first home buyers.
That $900,000s to early $1 million range, that bracket is really moving well at the moment as there's so many first home buyers out there. It's a healthy section of the market.
Setting the scene at the auction: There were four registered bidders for the auction, including one from Brisbane and three locals.
How did the bidding progress?: Bidding started at $950,000.
The buyer that was bidding from Brisbane had engaged a buyer's agent, and she started at the guide.
It went up in $25,000 lots between the eventual buyer and the buyer's agent really quickly. From there it went to $1.1 million, and the eventual buyer put $10,000 on top. The auction was over in two minutes, and sold above reserve.
It was rapid-fire bidding, and I think it helped that one of those bidding was a buyer's agent. They generally come in early and start [bidding actively].
The other two bidders in the room had strong interest and wanted to buy it, but very quickly the bidding went a) above their price range, or b) above where they felt value for the property was sitting.
Where is the buyer from?: They're local first home buyers.
