Buyers Will Fight if Need Arises

With a five-bedroom home in one of Burwood’s best locations selling for $3.02 million, there’s proof that buyers and potential mortgage holders will fight for the property they want if the opportunity calls for it. The five-bedroom home sold for $500,000 more than the reserve price at auction in July. There were seven registrations and three bidders on the property, which was a massive 2340-square metres in Minna Street.

Richard Matthews Real Estate’s Richard Baini said it was a quick auction but a big result. “It was all over in about 12 minutes,” he said. “It was very quick and very aggressive bidding, going up in $90,000 increments, so it was really quite incredible.” It means that people will be aggressive if they need to be. The house in question was built in 1933 and had been in the Gleeson family for five generations. There’s even a tennis court in the backyard!