Rushworth St, Watsonia Auction Review
This week we were out in the ‘burbs’ to try and buy an investment for one of our clients. Although the property was priced at $340,000 plus, I knew the home at 2/17 Rushworth St, Watsonia would never sell under the $400,000 price bracket.
Set at the rear of the property and built by the owners, this well maintained large proportioned 2 bedroom villa unit was a real standout in the current market. Unfortunately I wasn’t the only one who thought the same. Our due diligence had the property priced between $430,000-$450,000, with a recent comparable selling only weeks earlier for $466,000.
On the day of auction over 50 people gathered along the drive to hear auctioneer David Moxon tell us about the amenities and the condition of the property.
The opening bid was a stunning $400,000 but that didn’t deter the serious first home buyers looking to secure a foothold into this hot property market. Calling in rises of $10,000, four bidders entered the bidding arena to push the property all the way to $460,000 where it was called on the market. Two more bids pushed the price of the property to $470,000 where it finally sold within minutes of being on the market.
According to Research house Corelogic only 37% of homes sales around Australia were priced under $400,000, a record low, while 52% of homes sales were for homes priced between $400,000 to $1million.