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Breaking Records In Mount Eliza - Sold By Group

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  • Sold By Auctions

What a privilege it was to work on this land auction in Mount Eliza.

Wimbledon Avenue is one of those streets that everyone wants to be on. Rarely do blocks of land become available in there, they are so tightly held. So when no.25 came across our desk, we knew it was going to be fun.

We did not know quite how much fun we would have though!

Land Auction Details

840sqm rectangular block of land, on the raised & sunny side of Wimbledon Avenue. An old weather-board home existed but had been left to deteriorate, so nothing of worth remained. A new 2-storey home would be able to take advantage of bay views.

The location was superb for accessibility to amenities. Mount Eliza Village a brisk walk away, as well as the Ranlagh Club & Canadian Bay Hotel. Very close to elite schooling so ideal for the whole family.

The Auction Story

A decent crowd of prospective bidders, neighbours and potential vendors were in attendance to watch this locally significant event. The crowd covered about 270 degrees of my sight on a hill, making it easy to cover.

Statement Of Information range = $1,150,000 to $1,250,000

Reserve = $1,150,000

Expectations were that it would be a tense start. After struggling to gain an opening bid, I quickly moved to a vendor bid of $1,000,000. A call for $20k – $50k bids eventually earned a live bid of $1,020,000, which was quickly tackled by a 2nd buyer at $1.04M.

A steady exchange took it to $1.1M, and as a 3rd buyer entered the arena the first buyer fell out.

A tense exchange then ensued, taking the property to $1,200,000 at which point we declared the property as ON THE MARKET.

On the market = $1,200,000

Buyers 2 and 3 slowly dragged it to $1.225M, at which point a 4th buyer entered at $1.23M. Buyer 2 dropped out, and buyer 4 looked to have it at that when buyer 3 also dropped out.

At the 11th hour buyer 5 entered with an initial bid of $1.235M!

Another fantastic exchange with multiple bid increment changes took the property to its final total of $1,268,000, with buyer 4 coming out as the victor.

Watch the auction in FULL by visiting our good friends at GAVL.

See more details of the property click here

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