Glen Waverley auction: sale four years in the making
A vendor who “stuck to his guns” while his Glen Waverley property swung on and off the market over four years has finally sold it. So did his patience pay off when it came to the sale price?
A Glen Waverley property that’s been on and off the market since Christmas 2015 has finally sold.
Sold By Group auctioneer Andy Reid said 5 Valentine Court fetched $1.499 million at his last auction of the year on Saturday, December 21.
The epic auction involving four bidders kicked off at $950,000 and took almost an hour to progress to $1.409 million, where it passed in.
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Harcourts First agents Tony Che and Ivy Liu negotiated the sale — which included approved permits for two large townhouses — soon after.
CoreLogic records show the dated four-bedroom house, on a 920sq m block in the Glen Waverley Secondary College zone, had previously changed hands for $1.15 million in October 2014.
It had since had three stints on the market from December 2015, with about half a dozen different agencies and price guides ranging from $1.25 million up to $1.55 million, according to CoreLogic.
Mr Reid said patience had paid off for the vendor, who had long had a $1.5 million sale in his sights.
“It wasn’t easy. We had to bring every tool out of the kit bag,” he said.
“It had been auctioned twice already in the last three months, with the neighbours telling me that the highest it got was $50 shy of $1.25 million.
“(But the vendor) stuck to his guns and it finally came.”
Helping spur the long-awaited sale was the timing of the auction, so close to the end of the year, when many buyers “put deadlines on themselves”, Mr Reid said.
“The highest underbidder had just missed out at an auction around the corner,” he said.
“There are a few buyers worried about what’s to come (in terms of competition in 2020).”
Mr Reid said the property’s desirable school zoning and permit for two townhouses were also selling points, with the buyer intending to fulfil the permit.
The specialist auctioneer expected the 2020 auction market to start much earlier than 2019’s had.
“I only had two auctions for all of January this year, (whereas) my first 2020 auction will be January 9 and I’ve already got four auction requests for January 11,” he said.
He said vendors would be keen to sell before more housing stock inevitably came on to the market, while agents would want to “start 2020 with vigour”.
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Originally published as Glen Waverley auction: sale four years in the making