Moorooduc listing fetches $325,000 more than reserve in Mornington Peninsula.
‘The Mornington Peninsula region reported a 73 per cent clearance rate, according to the Real Estate Institute of Victoria.
A MOOROODUC lifestyle property with a rundown weatherboard house has sold for $325,000 more than reserve.
Seven bidders pushed the 6ha site at 381 Bentons Rd well beyond the $1.25 million the vendors would have accepted.
“It was a great result, especially for a property that needs money and time to tidy it up,” McEwing & Partners director Dean Phillips said.
The hobby farm had a price guide of $1.15-$1.27 million and attracted nearly 10 buyers in the crowd, with seven managing to get involved in the action.
The auction started at $1 million and, with no interest from developers or investors, all bidders were “lifestyle purchasers keen to clean up the property or build a new home”, Mr Phillips said.
The picturesque property is ideal for hobby farmers or tree changers and has dual access off Barak Rd.
It includes 20 paddocks and loose boxes, and two dams, and will suit a variety of uses.
The house has been neglected but features high ceilings, timber floors and open fireplaces.
The sale was the top result from seven auctions for the week ending October 7 in the Mornington Peninsula.
The strong result, plus two sales prior to auction by McEwing & Partners, indicated the peninsula market was still performing well, Mr Phillips said.
“The market is not as drastic as some make it out to be,” he added.
“The interest on the (Bentons Rd) property was fantastic, with more than 100 groups at the inspections.”
Moorooduc is very tightly held, with just two other sales this year, CoreLogic records show — and there were just nine home or residential land sales in 2017.’
https://www.realestate.com.au/news/rare-moorooduc-listing-fetches-325000-more-than-reserve/
Bayside
Coastal markets 2019
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