Skilled agents negotiate strong results in post-auction deals
North-west suburbs: Strong winter market as buyers 'out in force'.
All is not lost when a property gets passed in at an auction, as a skillful agent can negotiate a price that will please a vendor.
Three recent auctions illustrated the value of a trusted brand like Barry Plant and its network of agents to deliver strong post-auction prices.
When 22 View Street, Essendon West, was passed in at $2 million with just one bidder, Barry Plant Essendon agents were able to immediately negotiate a sale and the sold sign went up soon after.
The post-auction deal for the luxury four-bedroom house with a pool netted a result more than 20 per cent above the passed-in bid of $2 million.
The sale on July 27 was also the third on the street this year by Barry Plant Essendon auctioneer Anthony Molinaro.
“The weather on the day of the auction was really bad and we had 50 people inside for the auction,” he said.
“We managed to negotiate a price the vendors were happy with, which was within their $2.3-$2.5 million expectations.”
On August 3, a Strathmore couple splashed a strong seven-figure sum on a home they only saw on auction day.
The two-bedroom house at 15 Orange Grove, Essendon North, with overlay restrictions, fetched $1.25 million after being passed in at $1.2 million.
“We sold their home in Strathmore and they turned up and saw 15 Orange Grove for the first time at the auction,” Mr Molinaro said.
“One hour later, they came back, inspected the house, loved it and bought it.”
The sellers, who paid $134,000 for the property in 1994, were happy that their reserve price was matched, Mr Molinaro said.
Another Barry Plant Essendon listing that sold strongly post-auction was 4A Ryder Street, Niddrie. The three-bedroom townhouse changed hands for just below $900,000 after being passed in at $860,000.
And on August 3, two developers battled it out for 22 Fitzgerald Road, Essendon. The original post-war family home, listed for the first time in over 70 years, occupied 699sq m in a prime corner position opposite Pascoe Reserve.
The buyer had been referred by the Barry Plant Glenroy office, and paid $1.51 million for the property, Mr Molinaro said.
The property, which had a price guide of $1.35-$1.425 million, sold for $60,000 beyond the seller's reserve price.
Mr Molinaro noted that the July market in the area had been strong, with buyers out in force and supply rising.
“We have seen more family homes come into the market and expect more in the spring,” he said.