Home sells $61,000 above reserve in Friday night Craigieburn auction frenzy

Home sells $61,000 above reserve in Friday night Craigieburn auction frenzy

A Craigieburn auction that shot $61,000 past its reserve has given cause to hope 2019 is starting better than 2018 ended.

The four-bedroom house at 8 Lion Chase sold for $611,000 under the hammer with five bidders.

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The buyers emerged from an impressive crowd which topped 200 at a 15-property auction spectacular event on Friday night.

Ray White Craigieburn’s Andrew Bellino said a further two registered to bid for the house but never got the chance to do so.

“The majority would have been second-home buyers and local families,” Mr Bellino said.

“And it was a family from the area who bought the home.”

The auction started at a low $480,000, but quickly rose to its $550,000 reserve — then shot past it by $61,000.

The result was one of nine sales as part of the event held by Mr Bellino’s office on Friday night, where a roughly 66 per cent clearance rate was notched.

While a total fire ban put a stop to a planned fireworks display, 2019 looked set to start with a bang, according to Mr Bellino.

“The amount of buyers we have had through open for inspections has just boomed compared to late last year,” he said. “It’s like the first half of last year again.”

Many potential homebuyers left the event empty-handed, including one bidder who met the vendors expectations while the auction was “paused” — only to be outbid as it resumed.

The property at 60 Oakgrove Drive, Craigieburn, had two bidders vying for the keys up to the $535,000 mark.

It was then negotiated to $540,000 after the auction was paused, and then re-announced on the market at that price.

A further $1000 bid from the under bidder was quickly topped by a $4000 offer from a new group who joined the auction at the last minute.

The hammer fell for the four-bedroom house at $545,000.

“The night was proof that auctions are the way to go out here,” Mr Bellino said.

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