An auction vendor was quick to revise their price expectations to sell their Rowville home below the reserve in a fast-changing market.,
While 2 Pennell Court fetched $20,000 below the reserve when it sold for $970,000 this was still above the $880,000-$960,000 price guide.
“The vendor had set a high reserve of $990,000 and under these conditions was happy to take $970,000,” Schroeder & Wallis director Billy Schroeder said.
“Vendors are being realistic now and will accept reasonable offers, especially those who are having to sell and buy in the same market.”
Four potential buyers turned up, with two families making bids for the well-renovated and presented four-bedroom house on 735sq m.
“The buyers are upgrading from Noble Park and were attracted to the house because of its quality and quite different design,” Mr Schroeder said.
The double-storey home features charming exposed timber and brickwork details and a solar- heated poolside area.
The vendor paid $705,613 for the home in December 2014, making it a price gain of $264,387.
“They have done well from the house, which they renovated,” Mr Schroeder said.
In Knoxfield, a vendor accepted a post-auction offer below their reserve price for 14 Christie St.
The property had passed in as it fell short of the $1.1 million reserve on March 7. But the vendor recently accepted an offer of $1,067,500.
The five-bedroom house was well-presented and has balcony views over Carrington Park.