The Sydney Morning Herald reported on June 7 that after fierce competition, a first-time home buyer finally bought a unique townhouse in Footscray, Melbourne for $766,000.
The property was rebuilt from an Olympic Tyre factory building, and at the last moment, the final buyer defeated an older man and successfully won the property.
The guide price of this two-bedroom duplex in 13 Newman Dr is $670,000 to $730,000, attracting first-time home buyers, young families and retirees. But in the end, only three bidders participated in the competition, namely a young first-time home buyer, a single first-time home buyer and an older man looking to return to the Australian housing market.
The reserve price of the property is $725,000.
(Photo source: Sydney Morning Herald)
This week, a total of 519 properties in Melbourne participated in the auction.
As of the evening, the Domain Group recorded an initial liquidation rate of 68.4%. The young couple started at $670,000 but was quickly surpassed by the single.
The two bid until AUD 749,000, when the older man started bidding.
After many bids, the apartment was finally taken down by the young man.
Joseph Luppino of Village Real Estate said the buyer had been looking at the house for a long time.
(Photo source: Sydney Morning Herald) Luppino said: "He has been looking for suitable properties in the inner west and has missed several similar properties before, so he is happy to finally buy a suitable residence for himself."
"The defeated bidder has just returned from the UK and hopes to re-enter the Australian housing market."
Luppino also said that the recent rate cuts have almost doubled the number of potential buyers of some properties in the past month, which has put "pressure on buyers who have been staying in the market."
