In what appears to be a new trend, a property in Suffolk Park sold for $1.65 million after 45 bids at auction over the weekend, a staggering $250,000 over the reserve price.
Byron Property Sales principal Graeme Dunn told Echonetdaily that the property in McGregor Street is a beach house in the locked estate at the southern end of town.
Mr Dunn said he felt this was part of an upward trend.
‘I believe we have seen the bottom of the market behind us’, he said. ‘Not only that, we are starting to get people from outside the area interested again. Of the seven registered bidders for this auction, five were from either Sydney or Melbourne. The new owner is from Sydney and the home will be used as a weekender.’
Mr Dunn says that the last few weeks have been exceptionally busy and the property market is on the move.
‘I have seen more sales in the last four weeks than I have in the last four years’, he said.
‘I haven’t seen anything like this for 20 years. Properties are selling and there is also a fair amount of gazumping going on. People are wanting to buy – the sun is out and people are confident that the world isn’t going to end tomorrow’.