Mass auction reaps huge results

Mass auction reaps huge results

by 0 comments

Miranda Brownlee

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.

Miranda Brownlee

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.

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
How this agent's commitment to clientele built him a 25k-strong client base

In this episode of Secrets of the Top 100 Agents, host Tim Nearly talks to RT Edgar’s Glen Coutinho who ranked number six in this year’...

View all podcasts

How effective are testimonials as a marketing tool?

Not effective at all
Somewhat effective
Very effective
They are the most effective tool there is
Do you have an industry update?