Hot auction sees fierce bidding from investors

A large property housing two dwellings in Mt Pritchard sold under the hammer, beating the reserve price by $50,000.

All of the six bidders registered for Saturday’s auction at 34 Grainger Ave were investors — and four of them battled it out for the tenanted homes.

Selling agent Graham Ball from Graham Ball Estate Agents Wetherill Park said the investors were attracted to the site’s solid rent return of $890 a week.

“Bidding started at $650,000 and the last two bidders fought it out from about $720,000. It sold for $750,000,” Mr Ball said.

“They all liked that the two dwellings had leases until at least mid next year,” he said.

According to CoreLogic records, the property last sold for $493,000 in 2014, when there was only a three-bedroom house on the 613 sqm block of land.

A DA was submitted for a 72 sqm granny flat, worth $80,000, in April last year.

The property was listed for sale last month and was marketed with a reserve price of $700,000. “Buyers loved that it was black and white from day one,” Mr Ball said.

About 30 groups inspected the property during the campaign.

Source link