A mass auction of 11 vacant blocks has produced unprecedented results for a Melbourne-based real estate office.
All 11 blocks were sold within 40 minutes, for an average of $1.2 million - 25 per cent above the average for a similar property in the area - by Barry Plant’s Glen Waverly agency. Agent Adrian Santini, who ran the event, said that similar blocks in the area would usually sell in the mid-$800,000 to $900,000 range.
“In this area, there are generally only one or two properties per month that sell for over a million dollars. So to sell 11 in such a short time is an exceptional result,” he told Real Estate Business.
Mr Santini said that the event attracted over 600 people, including 108 bidders, and that the large numbers helped to create a bidding frenzy. He said that a majority of buyers were families looking to build in the area because of its proximity to excellent local schools and facilities.
Barry Plant Group founder, Barry Plant, said that Glen Waverley has evolved to become one of Melbourne’s most popular suburbs.
“The results of last Saturday’s auction show that is where the real action is in the property market,” he said.