$160,000 upside as auction turns into real estate rollercoaster ride

9 Torbreck St, Glen Waverley, sold $160,000 above its reserve after an up and down auction with bids from $1 to $20,000.

A Glen Waverley auction took its buyers and sellers on an unexpected wild ride that shot more than $160,000 above expectations on Saturday.

Bidding on the three-bedroom house at 9 Torbreck St opened up at $900,000, and with five bidders rapidly rose until the house was on the market at $1.13m – just above the $1m-$1.1m price guide.

And that’s where it got interesting, first a bidder who had claimed to have dropped out of the race returned with a $1.18m bid.

RELATED: Investors win Glen Waverley home by stunning knockout

Herald Sun Real Estate auction blog: sale replays and market updates

Australia’s home values hit $10.2 trillion as Melbourne’s median price rises to $930,000

Then a new buyer jumped in with a $20,000 knockout bid that seemed to scare off most of the other parties.

With bids as low as $1000 after that, the auction appeared to be close to its end.

But the bidders didn’t stop and Harcourts Judd White auctioneer Dexter Prack brought the hammer down on a $500 bid from a young family that raised the final price to a huge $1,295,500.

The home’s light and bright interior appealed to multiple buyers who didn’t want to let it go.

Though he was left to reject a last second $1 bid made as a joke by the underbidder.

Jennifer De Souza and her brother Ivan Khatchoyan were handling the sale on behalf of their dad Roupen Khatchoyan who bought the house in the 1980s.

The pair said there had been tears of happiness – despite the rollercoaster ride.

“At one stage we thought Dad was upset, but it was a happy cry,” Mr Khatchoyan said.

“But we were holding our breaths at that big moment when they said ‘sold’.”

Ms De Souza added that after interest rate rises and market jitters in recent weeks, they had been worried about how the auction would turn out.

“We had dropped our expectations, but I guess someone really wanted the house,” she said.

Mr Prack said that despite the auction’s success, he had expected the campaign to be busier than it was.

“We had 52 groups through the home, and at that price point I had expected a bit more,” he said.

“But the buyers coming through were very decisive.”

The home’s spacious design also appealed to a variety of demographics.

Mr Prack noted that not all homes were selling as strongly, with the market almost a 50-50 split between sales that soared and those that took more work to be sold.

He said that Glen Waverley and Wheelers Hill were often “protected” from market corrections due to the permanently high demand for the suburbs.

The area usually only has modest falls, though Mr Prack did suggest that 9 Torbreck St might have sold for another $50,000 had it gone on sale in October or November.

Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.

MORE: Pamela Anderson house in St Kilda West struts onto market

Victorian Architecture Awards: Grampians hiking shelters, Gatwick win big

Fitzroy house price record: Incredible church conversion wowing buyers

The post $160,000 upside as auction turns into real estate rollercoaster ride appeared first on realestate.com.au.

Please follow and like us:
$160,000 upside as auction turns into real estate rollercoaster ride

Leave a Reply

Your email address will not be published.

Scroll to top