A record for March

Herald Sun - Property - - MARKET WRAP -

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.

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