27/3 was called "Super Saturday" as it's the last Saturday before Easter break, with 34 on-site auction scheduled, and we witnessed 2 that day.
On 27/3 morning, we went to this Charles St house featured in previous week's local paper in Putney with friend.
The house was packed...
From the recent sales record of houses in the area, we estimate the land probably worth around $1.2M. From the quality of the house, we think it definitely won't cost more than $500K.
The auction was held at the backyard...
However the most shocking news was, the council still haven't approve OC (Occupation Certificate) yet due to some storm water issue. Looks like the owner must be in some sort of cash flow issue to put the property on the market in such rush...
There were quite a few active bidders and our friend was one of them. He quite "reasonably" stopped at about $1.9M, while the others just kept going. Finally, the young Asian lady with glasses, dressed in black in the middle of the photo below was the highest bidder with $2.118M. Unfortunately it still didn't reach the owner's "shocking" expectation of $2.5M.
We all think the house doesn't worth that much... Later this week, from the local paper, the property was listed as sold for $2.118M...
In the afternoon, we went to another on-site auction in Epping. All the streets around the area were fully parked, and we heard a couple mentioned they have to walk almost 100m to come to the house... Unbelievable, just look at the crowd from the photo below...
It's a tiny 2 bedroom house, with only 316 m2 of land. Record from On the house as below showed it was sold in Oct 2005 for $560K.
The location is excellent as it's quite close to one of the best primary school in the area, and the competition was even hotter than the Putney one. Starting bid was $560K, and it jumped very quickly, finally sold at surprising high price of $726K, WOW!!
Consider another house on the same street with 697 m2 of land was only sold in May 2009 for $710K, paying $726K for a small house with 316 m2 is really ridiculous!
The property was chosen as the feature property in this weekend's local paper as below.
This morning (10/4) we went to another open house in Epping, and we were quite surprise to see a long queue outside the house as photo below. Same as the previous mentioned one, the location was also quite close to the same primary school, no wonder it's so popular. But having so many people for the first open house is still quite amazing... What's going on? I thought RBA's rate increase this week would somehow calm the over-heated property market down a bit...
It's another small 3 bedroom house with 404 m2 land, price guide was over $675K and scheduled for auction on 1/5.
As below, there's still lots of people after we left... Would be interested to see how the auction goes a few weeks later.
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