Home buyer who searched for a year nabs Banksia penthouse for $1,425,000 | Kate Burke
began at $1 million, and quickly reached the $1,425,000 sale price, due to rapid-fire bidding between two parties that left the seven other registered bidders unable to get a word in.
Declining prices enabled her to stretch her budget a little further, but also affected the sale of her Sydenham house in July. The result for the penthouse was largely in line with her expectations. Two of the three registered bidders made offers on the double block spanning 682 square metres, which records show last traded for $1.2 million in 2007.
Eleven parties registered to bid on 10 Kooloora Avenue, which was owned by the Health Administration Corporation, a state government entity, and had to be marketed without a price guide. It was a stop-start auction for the 88-square metre block and two of the three registered bidders competed. The auction opened at $1 million, then stalled at $1,025,000. Bidding resumed after a vendor bid at the $1.1 million price guide, then stalled again at a $1.16 million bid from the first home buyers.
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