SOLD $451,000
3rd October 2009 at 1pm on site
Written by Chris Nicolas
About the Property:
The property is a two bedroom, 1 bathroom original sandstone fronted 1950 Art Deco home. The property is currently leased until 26th November 2009 for $260 per week. The approximately 676sqm allotment appeared to have a slight gradient from the backyard down to the front. Considering the council’s development plan criteria, the zoning requirements stipulate a minimum of 350sqm per allotment. A development of two semi-detached dwellings on this site may be difficult with a non-complying application likely to be necessary. For the successful purchaser it would most likely be desirable to extend and renovate the existing structure rather than redevelop.
Commentary:
The highly skilled auctioneer Phil Harris of Toop & Toop proceeded with the auction at 1pm in reasonably good weather. Many neighbours turned out to watch the event in interest as the bidding started at $390,000. With only three serious bidders, it was evident that the market consisted of young couples and families from different backgrounds.
The bids increased in $10,000 increments until bidding stalled at $440,000, when Phil started to accept bids in $5,000 increments. For one family the bidding exceeded their cut-off point early and at $450,000 the auction was coming to a conclusion with all the bidders at their limits. Phil attempted to squeeze every dollar out of the final two competing parties by calling for additional $500 bids to buy the property. This did not last long and the “fall of the hammer” found a young couple to be the new successful purchasers of 36 Jervois Avenue Magill for $451,000.
If you are looking for a well performing residential or commercial investment property, an addition to your existing property portfolio or a home to live in, we guarantee to save you money on your next real estate purchase. Go to http://www.directnegotiations.com.au/ or call the team on +61 (0)8 84631997
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