Investment Auction: Osborne Avenue, Glen Iris #AstuteInspected
The Astute Buyers Advocate Team visited Glen Iris on Saturday. We attended an auction listed by First National, of a 2 bedroom unit on Osborne Avenue.
The 2 bedroom unit was situated in a fantastic corner position of the block. The bedrooms had large built in robes, the bathroom had a shower and bath, laundry facilities and a separate WC.
The ground floor unit was light filled. By far the stand out feature was the newly renovated private courtyard garden, large enough for a entertaining table and more!
The median house price for a 2 bedroom unit in Glen Iris is currently $635,000.
This unit last sold in September 2015 for $625,000.
The indicative selling price on the day was $650,000 - $715,000
So who was looking to buy this gem? An investor or a first home buyer?
The opening bid was made by a young male (1) for $640,000.
There were 3 bidders in total. We soon found out that the unit was on the market at $705,000.
The winning bid was made by bidder number (3), a young girl and her father for $710,000.
Interestingly this young girls partner was the young male, bidder number (1).
There are several different techniques people use at auctions to attempt to secure a home, some work, others don't. Getting a professional in who knows what works and when is a great idea.
If you need help bidding at an auction, visit our auction bidding division website, Hot Auction Bidders.