The crowd of 200 gathered for the auction of 13 Tiranna Way, West Lakes. Supplied by Ray White Henley Beach.
The call of the water – coupled with an ultra competitive property market – has bagged the owners of a West Lakes home more than $500,000 above their reserve price at auction over the weekend.
The two-bedroom house with development potential on a spacious 907sqm allotment at 13 Tiranna Way, was advertised without a price guide, but that didn’t stop it attracting a crowd of 200 people at auction and furious bidding, selling agent Anthony Fahey of Ray White Henley Beach said.
“We knew we had people interested in the property and I think the best offer we got before auction was $930,000,” Mr Fahey said.
“We thought we might get in that $950,000 to $1 million bracket, but we were quite shocked with where we got to on the day.”
The auction kicked off with a vendor bid of $800,000.
“The auctioneer took $20,000 bids from there up to about $1.2 million and then it started slowing down with $10,000 bids from there on,” Mr Fahey said.
13 Tiranna Way, West Lakes. Supplied by Ray White Henley Beach.
The home eventually sold to an eastern suburbs buyer for $1.475 million –$525,000 above reserve.
“We had 36 registered bidders – I’ve had 28 once before but 36 is the biggest I’ve ever seen,” Mr Fahey said.
“Out of the 36, I think there were about eight that bid on the day.
“The vendors are quite overwhelmed with the result.
“The home has been in the family for 46 years and the result was beyond their wildest expectations.
“When we set the reserve price earlier in the week my vendor said ‘If I get more than $950,000 I’ll jump in the lake, and he was in shock with the result and pretty happy with it all’.”
Mr Fahey said he’s never seen an auction result like it in his 20 years in real estate.
“I think we’ve got $100,000 over reserve before, but never anything like this – it was phenomenal,” he said.
13 Tiranna Way, West Lakes. Supplied by Ray White Henley Beach.
Mr Fahey said the auction market was the strongest he’d ever seen it and the amount of demand was changing the way his office approached them.
“Normally we’d run a four-week campaign, but nowadays that’s too long,” he said.
“Three weeks is plenty because four weeks is too long to keep the buyers interested – you don’t need to go that extra week.”
Mr Fahey said the home attracted a broad range of buyer groups – developers, investors looking to land bank, people looking to knock it over and build their dream home.
“This one has exclusive water views and a corner allotment,” he said.
“These factors coupled with a shortage of stock has resulted in a phenomenal sales price.
“It was truly an auction for the books and one that I will never forget.”
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