The home in Seaholme soared $151,000 above its reserve price and had been meticulously renovated about six years ago.
Sale price for a Ringwood East two-bedroom unitAdvertisement
The property held strong appeal for families, given the spacious living space, large kitchen, swimming pool, and the property’s proximity to the beach and public transport, Dowton said. “It was a good entry level to get onto the property market, people saw good value at that price point given the location was near a shopping centre and parks,” he said.The auction kicked off at $440,000 and the three bidders started off with $10,000 bids, which narrowed down to $1000 before the hammer fell.
Factors fuelling the market included low sales volumes, the return of bargain-hunting buyers, expectations interest rates had peaked, the rental shortage, and an immigration resurgence. “At some point the economy will slow down and unemployment will go up, so those things may constrain the clearance rate as we go through the year,” Oliver said.
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