28 Undara Avenue, Buddina
Sold by John Bartsch for $940,000 on 21 June 2021
If there was ever a perfect time to achieve the dream figure for your home, this is the market to test it.
Just ask Ray White Maroochydore agent John Bartsch, who recently sold 28 Undara Avenue, Buddina, an older style home on a less than perfect shaped block with a stellar result.
Selling under the hammer on the 21st of June for $940,000, John says the property sold for around $150,000 more than what he would have expected it to reach just 12 months ago.
“Go back twelve months and both the owners and myself were talking in the $700’s, maybe early $800’s,” says John.
“When people buy a block they want a perfect rectangular block, this was far from that and the home certainly needed some work, but Buddina is such a sought-after area and there is really very little beachside land available, so people are prepared to buy the land and build again.”
Given the older condition of the home and the tricky-shaped block, the owners agreed the best way to determine what the property was worth, was to let the market decide at auction.
“The sellers themselves are well versed in real estate and they knew that putting a price on it would have been tough,” says John.
With a wide range of buyers interested in the property, including owner occupiers, investors and developers, a five-week marketing campaign was decided to ensure maximum exposure pre auction day.
“We ran a week longer than what we usually do because we really wanted to make sure anyone who was looking for that type of property got to see it,” says John.
Interestingly, one of the registered bidders on the day only saw it in the final week.
With more than 50 people through the property during the campaign, the auction drew a solid crowd of more than 30, including neighbours who were keen to see what the market was prepared to pay for this unusual property in a sought-after locale.
“Not surprisingly, each of the three registered bidders had different plans in mind for the property, hence why an auction was the best way to determine it’s worth,” says John.
“We had someone who was looking to live in the house, someone wanting to invest and someone wanting to develop the property.”
Bidding started strong at $780,000 and it came down to a fast bidding war between the investors and the owner occupiers, with two brothers sealing the deal at $940,000.
“There was a bit of back and forth from $780,000 to $850,000, with one bidder tapping out at that point. Then the final two went hard and fast to $940,000,” says John.
Given the huge jump in what the owners expected to achieve 12 months ago, both the vendors and John were delighted with the result.
“Again, it was a great outcome, considering the condition of the home and the shape of the block. Achieving $940,000 was fantastic,” says John.
“It goes to prove that if you want to test the true value of your property, take it to auction. If you don’t, there is a real possibility you are under selling.”
Written by Ingrid Nelson