14 Marmion St Camperdown
191 buyers through and 12 days on market
The property
14 Marmion Street Camperdown is a single level terrace house, 2 bedrooms, 1 average bathroom and parking access off a rear lane. The property is 175 sqm with an internal floor size of 84sqm.
Completely liveable in the condition it was, with scope to modernise the bathroom and kitchen and/or add an upstairs.
The sales campaign
The property was presented on market, albeit, a short campaign. After a strong 76 groups at the first open, and a total of 191 buyers through, the auction that was originally scheduled for 3 June was bought forward a week to 27 May 2023.
The property had a price guide of $1.4m. Strategically placed right below the first home buyer stamp duty cap of $1.5m to attract a good level of interest.
The Auction | 11 registered bidders | 5 active bidders
With a guide of $1.4m, any first home buyer who was there had their hopes dashed with the opening bid of $1.55m. $150,000 over the guide. What was most fascinating was the auctioneer’s response “Gee it would be pretty good buying at that level” - yet it was still $150,000 over the guide!!!
Bidder 1 and 2 fire back and forth up to $1.68m, when bidder 3 comes in at $1,700,000. Bidder 1 and 2 are out at this point.
Bidder 3 and 4 take it up another notch to $1,800,000. At $1.79m the agent appeared to head inside and speak to his clients about whether or not the property was on the market and/or the reserve had been met. The agent had his work cut out going back and forth between buyers on the floor and his vendors, while the auctioneer continued to make the crowd feel like it really was the third and final call.
After the agent had a private word with a buyer yet to bid, in they came as bidder 5 at $1,810,000.
A long two minutes past, of the auctioneer repeatedly calling “first, second and third and final call”…. the property is finally sold to bidder 5 - with just one bid they secured the property.
What this result says about the market
For 191 buyer inspections, you would almost expect more than 5 active bidders on the floor. Especially in a market where in the last six months there has only been four other 2 bedroom homes sold in Camperdown.
A sale price $410,000 over the guide, 30%, at a time where 11 of the last 12 months saw the reserve bank increase interest rates is about all you could expect from buyers though.
