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A Reserve has been smashed by $60000 as Homebuyers fight for a solid start in Newcomb

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A home built of bricks in Newcomb has been sold for close $60000, well above set reserve, leading to a new record in a popular area in the suburb.

Three competing buyers found this 7 Dorward avenue three-bedroomed home attractive, causing its value to rise to $489000 during this Saturday’s auction.

The initial reserve of $43000 was overshadowed a few minutes into the auction once auctioneer David Cortous set the starting bid at $400000.

The selling agent, Mergim Ibrahimi, stated that the list of interested buyers hoping to buy the residence include new buyers as well as investors. The house is a family residence located in an area that many people would love to live in.

The winner is owner-occupier who was very emotional once the bid hammer fell in favor of her last bid. She cannot wait to move into the home. The house features two living areas and a garage.

The highest ever recorded home sale in this area stands at $455000 for house number 32 two years ago. The house on 5 Dorward Avenue was sold at the beginning of this month for an unknown amount. The asking price ranged between $429000 and $469000.

The median price of houses in this area has gone down by 3.6 percent over a period of four months until May of 2017. However, it rose by 5.1 percent around the same time in 2018. Now the price is constant at $441000.

Source Link: https://www.news.com.au/finance/real-estate/melbourne-vic/reserve-smashed-by-60k-as-buyers-scramble-for-solid-start-in-newcomb/news-story/ad498393302171f6fef330456322a991

About the author

Catherine Wambui

Catherine Wambui

Catherine Nyaga is a freelance writer covering Real Estate and Technology. Her other interests include Nature, pets and accounting. She recently graduate from Nairobi University with a degree in Accounting.

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