A BIDDING war erupted when a rare “inner-city acreage” property went under the hammer last weekend with the buyers splashing $1.23 million to secure their dream home.
Auctioneer David Holmes, of Metro Auctions, took the property at 14 Kingsway Drive, Molendinar to auction on Sunday.
Auctioneer David Holmes of Metro Auctions, took 14 Kingsway Drive, Molendinar to auction on Sunday.
14 Kingsway Drive, Molendinar.
“At $960,000 we stopped for instructions from the owners and the property was called on the market at $1.006 million,” he said.
“We continued the bidding in $2500 and $5000 increments all the way until $1.23 million. It was $224,000 since it was announced on the market.”
He said feedback from prospective buyers before the auction had been below the $1 million mark.
“Feedback was at $850,000 so we ended up with quite an extraordinary result,” he said.
Karen Stewart and Edward Smyth of Stewart and Smyth Estate Agents handled the marketing campaign which attracted seven registered bidders.
14 Kingsway Drive, Molendinar.
14 Kingsway Drive, Molendinar.
Ms Stewart said the buyer was from the Gold Coast and was determined to own the five-bedroom three-bathrom house on 0.5ha property.
“There were two bidders who both really wanted the property,” she said.
“The buyer said to me (after the auction) that if the other bidder wasn’t bidding she wouldn’t have paid that.”
14 Kingsway Drive, Molendinar.
Ms Stewart said there were plenty of cash buyers ready to snap up Gold Coast property.
“When a rare property comes on the market and it’s a good piece of real estate you will always find competition,” she said.
The post Bidding war for rare ‘inner-city acreage’ on the Gold Coast appeared first on realestate.com.au.