A bargain buy in Halls Gap was one of the first properties to sell under the hammer in Victoria in 2019 — and it changed hands for a price well below the state’s average.
The tired property at 446 Grampians Rd sold at auction for $205,000 to a local buyer who outbid tourists looking for a holiday home.
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Monaghan’s Real Estate director Terry Monaghan said the 2152sq m property sold about $25,000 above reserve.
“We had about 30 people at the auction, and two bidders who pushed it up to the final price,” he said.
“We had about 15 bids, which opened at $160,000.”
The house, which had a $175,000-$190,000 price guide, sold to a Halls Gap local, Mr Monaghan added.
“They’re planning on turning it into a permanent home, and renovating the building that’s already there,” he said.
Auctions were not common in Halls Gap, but the vendors wanted to see how much they could get above the affordable price guide.
“We have no other auctions scheduled around here in the short term, they’re pretty rare and people usually go through private sale,” Mr Monaghan said.
The influx of summer tourists had also encouraged the vendors to test the auction market, he added.
There were only six auctions across Victoria to kickstart the selling season last week. CoreLogic data shows there will be a slight increase in numbers this week, with 47 auctions scheduled across Victoria.
With the auction market still subdued, a number of high-end private sales have been secured in the new year. A family classic at 36 Teddington Rd, Hampton sold for $2.107 million, making it the city’s most expensive sale last week, CoreLogic data shows.
SUBURB PROFILE: Halls Gap
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