Emotional bidding war triggers premium sale price

Emotional bidding war triggers premium sale price

Auction
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An agent has sold a home 15 per cent above reserve after locking two relatives into an auction contest that neither wanted to lose.

LJ Hooker Liverpool agent Danielle Allport snared $1.225 million for a five-bedroom house in the Sydney suburb of Casula – well above the reserve of $1.06 million and the valuation of $950,000 to $1 million that she first gave her vendor.

Ms Allport told REB that the reason for the success was that the two main bidders – who were distant relatives – loved the location.

The buyer was the next-door neighbour and wanted the property for his daughter, while the under-bidder had family that lived just around the corner, according to Ms Allport.

Ms Allport said it became clear that auction would be the best method of sale after both bidders made $1.06 million official offers in the second week of the campaign.

“This was the first time I've had two emotionally attached buyers to a particular property because of the location,” she said.

“There are other properties on the market that are bigger. There are other properties on the market that are nicer. But they both fell in love with this property, mainly because of the location.

“So they were very emotionally attached in the beginning. From the beginning they were both saying to me: ‘This is my property, I'm going to get it’. Neither of them were willing to back down.”

Rocky Bartolotto from Auction Services said bidding started at $930,000 after an earlier bid at $800,000 was refused. Four people participated in the auction, making 53 bids.

“Bidding was fast, increasing mainly in bids of $10,000 up until $1.1 million. As expected, the two locals were at in from start to end,” he told REB.

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