In Australia’s crazy property market, an apartment without a kitchen attracted 14 registered bidders and sold for more than $3 million.
The two-bedroom unit, in the exclusive Sydney suburb of Mosman, had a guide price of $1.8 million, but with six of the 14 registered people making offers, the price went well beyond that.
When the winning bid was made, the unit at 1/53 The Esplanade sold for an incredible $3.31 million.
This was far beyond what was expected by auctioneer Clarence White, who said he was “stunned” by how quickly the bids rose.
“It’s a pretty run-down little apartment, only 64 square metres,” Mr White said. wellbeing.com.au.
‘They were quick and fanatical offers. Things are tough right now, there are a lot of slow deals. People are reluctant… but that was crazy.’
Although the guide price was $1.8 million, bidders showed how serious they were when the first bid was $2 million.
White said the jumps in bidding from $2 million to $3.31 million showed why properties are being auctioned.
Australia’s crazy property market has seen an apartment (pictured) without a kitchen get 14 registered bidders and sell for more than $3 million.
“Because it’s impossible to predict what the competition will do that day and when things go well, the process can reach a price no one thought possible.”
The property, which belonged to a deceased estate, looked even worse before it was listed, said David Buttel of Aurora Property.
They removed the old kitchen and the window curtains that were falling apart.
This gave the apartment more curb appeal, and buyers could see how they could design a new kitchen, he said.
The location, a stone’s throw from Balmoral Beach, was the main factor driving the bidding war.
Buttel said most of the bidders were people who could see themselves living in the unit now or at some point in the future.
The two-bedroom unit, in the exclusive Sydney suburb of Mosman, had a guide price of $1.8 million.
The unit, in the exclusive Sydney suburb of Mosman (pictured), had a guide price of $1.8 million, but with six of the 14 people on record making offers, the price went well beyond that.
‘If you have money to live there, you will take whatever it takes to live there. “It was an emotional outcome,” he said.
Another big attraction factor was that the property included parking, a very valuable asset in Mosman.
“There are a couple of other units for sale (in the area), none of which have parking, and getting a parking spot a few hundred meters from your apartment on a day like today is really difficult.”
But despite the excellent location and parking, Mr Buttel said: “It sold far beyond our wildest expectations.”