A record for March
WBP Property’s Greville Pabst said the success rate was exceptional, especially given the number of properties that went under the hammer.
“Many buyers and sellers realised that failure to buy at the weekend could mean a wait of up to seven weeks before having another shot at it,” Mr Pabst said.
“That’s because the market will now give pause for another two weeks as Easter and the school holidays take focus, impacting the marketing campaigns of properties that typically occur over a fourweek period. Couple this with the Anzac Day long weekend in late April, timing becomes critical for both vendors and buyers.”
There was plenty of competition at Sandringham, where five bidders raised their hands for a two-bedroom villa, which sold for $744,500 — $119,500 above the reserve.
Hodges, Sandringham, agent Paul Bond said two advocates were part of the quintet chasing the property, but they ultimately lost out to investors.
Mr Bond said the sale was a standout and not typical of the solid results seen in the bayside area this year.
Mr Bond said an early offer of $625,000 was rejected, but he never expected the final figure to reach $700,000.
“While the buyers know what they’ve paid is well over, they know from a long-term perspective it’s a good investment,” he said.