‘Market-defying sale’ gets $235k premium in Carlton

‘Market-defying sale’ gets $235k premium in Carlton

A Carlton homeowner who refused a pre-auction offer and instead brought forward their auction date by a week has made a more than $200,000 windfall.

The triple-storey home at 114 Kay St was originally scheduled for a twilight auction on February 7.

A $1,076,200 pre-auction offer had them ready to sell, but with four other interested buyers they turned the home over to a boardroom auction a week ahead of time, according to Jellis Craig’s Michael Amarant.

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Five bidders turned up and the two-bedroom townhouse eventually sold for $1.31 million to a buyer who was overseas at the time and had to have a friend bid on their behalf.

“The buyer had someone look at it for them an hour before the auction,” Mr Amarant said.

“They did a video call while they were overseas in Uruguay.”

With the sale some $235,000 above the reserve price, and well beyond it’s $1-$1.075 million price guide, it was proof some homesellers were still in a position to make the auction market work for them.

“It flies in the face of what’s going on, to have a property on the market for a few days and have five bidders,” he said.

“I reckon it’s matched the market peak prices from about 18 months ago. So it’s a market-defying sale.”

A combination of presentation, lack of competing similar properties and the home’s rooftop terrace that showcased its proximity to the CBD had been factors in the surprise sale.

“If you get a confluence of those three things together, sometimes you can get a little bit of magic,” Mr Amarant said.

The other bidders included a mix of investors and those hoping to live in it. The buyer plans to move in when they get back from overseas.

The townhouse last sold for $782,500 in March 2013 — marking a 67 per cent gain in the space of six years.

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