Mill Park Drive, Mill Park, house sold $200,000 above reserve with eight bidders competing
A MILL Park home galloped $200,000 past its reserve price amid a bidding frenzy at the weekend.
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The four-bedroom house at 126 Mill Park Drive was in original condition, but was snapped up for $750,000, eclipsing the $550,000 reserve price.
Ray White Mill Park’s Kon Kouvas said eight parties competed “fiercely” for the home.
“In the end, two bidders who had seen the unrenovated property for the first time on auction day went toe-to-toe,” Mr Kouvas said.
The battle was supercharged between the buyer, an investor from Templestowe, and the underbidder, an owner-occupier.
Bidding between the two jumped in $1000 increments and included a few $10,000 and $15,000 knockout bids, Mr Kouvas said.
The rare 747sq m rectangular-size block with 18m of street frontage was the main drawcard, he added.
“The buyers had previously bought a property in the same vicinity and were looking for another to invest in and develop in the future,” Mr Kouvas said.
They were attracted to the area’s capital growth and strong infrastructure, he said.
Buyers were acting fast to secure a property and paying exceptional prices, according to Mr Kouvas.
Four bidders competed for a three-bedroom house at 27 Pickworth Drive that sold recently for a handsome $570,000, he added.
“It was just a run-of-the-mill home and it sold $40,000 beyond its reserve,” he said.
“The buyers from Reservoir sold their home and bought this one in less than three weeks. It all happened very quickly.”
Market activity in Mill Park was on the rise as the weather warmed up, Mr Kouvas said.
“December and January are going to be very busy due to this late flutter,” he predicts.
Barry Plant Mill Park/South Morang’s Brayden Schmidt said three bidders competed for an unrenovated five-bedroom house at 7 Wakeful Place, Mill Park, that sold for $550,000.
“This was a good result for the home’s quality and condition,” Mr Schmidt said.
Renovated Mill Park homes in top condition are selling beyond owner’s reserve prices, he noted.
The latest CoreLogic results show the median house price in Mill Park has jumped 15.1 per cent in the past 12 months — the highest rise across all suburbs in the City of Whittlesea. The median house price in Mill Park now stands at $445,000.