Harcourts Judd White director Dexter Prack sold a three-bedroom house in Glen Waverley for $2.325 million last weekend after originally selling the property in May this year.
Mr Prack told REB that the property settled in September and was immediately put back on the market by the vendor who’d found another parcel of land.
“The vendor is actually a local builder who’s been in the area for a long time and I have a pretty good relationship with,” he said.
“He bought another block that he preferred and so he decided to flip this one and not build on it.”
Mr Prack said the first time he sold the property it went for $478,000 above reserve.
“It was a deceased estate, so the bank valuation was $1.7 million and we thought it would get $1.8 million, but it got $2.178 million and we had 200 people at the first auction.”
When Mr Prack received the listing for the second time this year, he re-used his original marketing material and opted for a three-week auction campaign.
The second campaign was basic, with just online marketing, a few ads in the local newspaper and half a dozen open homes, according to Mr Prack.
He said the vendor was fortunate to sell the property again in such a short period and still turn a profit.
“The auction last Saturday was lucky since the weather here was atrocious and it poured down, so the crowd was half the size, but we still had four bidders,” he said.
“We know in real estate that everything is about longevity and making long-term investments, so to make $147,000 and only settle for four weeks is very fortunate.”
According to Mr Prack, the buyers were local investors who planned on renting it out.
“They’re just land banking and they said to me that they’d just rent it out and sit on it,” he said.