A South Coast buyer has benefited from being the only party to bid on a Mount Warrigal property at auction, even snapping up the home for $10,000 under the reserve price.
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Set on 562 square metres, the four-bedroom, one-bathroom house sold for $790,000 at online auction last week.
The home, located at 10 Armstrong Avenue, Mount Warrigal, had a reserve price of $800,000.
Selling agent, Daniel Ling from Ray White Shellharbour City said it sold to a young family from Kiama who were looking to upsize from a unit.
Mr Ling said there were two registered bidders, but the other party didn't have their financing in order in time for the auction. He said there were other interested parties but who weren't in a position to bid either.
"This buyer had all their boxes ticked and was ready to go, so he was in the premium position," Mr Ling said.
Mr Ling said the motivated seller had met the market, and wanted to have the sale wrapped up unconditionally on the day.
"He listened to the market, and was happy with the outcome," he said.
"If they (other buyers) were ready they could have had a shot at it, but you're not even in the race if you don't have your boxes ticked."
According to CoreLogic's preliminary figures, of the 16 results collected for the Illawarra so far, there was an auction clearance rate of 75 per cent for the week ending August 29.
For the week ending August 22, of the 13 results collected for the Illawarra, there was an auction clearance rate of 53.9 per cent.
Meanwhile, also in the Shellharbour local government area, the residential land at 6 Potaroo Place, Blackbutt sold at online auction on Saturday.
The 655 square metre block sold for $805,000. It had a reserve price of $750,000.
Selling agent, John O'Reilly from Laurence Morgan Woonona said it was sold to a local developer.
Mr O'Reilly said there had also been plenty of interest in the listing from Sydney developers.
He said the bidding quickly reached the $750,000 mark, before a series of $500 and $1000 bids ensued during the latter stages.
Mr O'Reilly said the site's benefits included a 21.27 metre frontage, being elevated, and north-east facing with potential views from a second level out past Windang Island.
He also said the site was level and cleared, ready for immediate build (subject to council approval), and was the only vacant block left in the cul-de-sac location.
There were 13 registered bidders, and 35 bids during the half-hour auction.
Also, the residential land at 245 Rothery Street, Corrimal sold for $857,000 at online auction on Saturday.
The north-facing vacant block of land is approximately 663.9 square metres.
The property was being sold on behalf of the NSW Land and Housing Corporation.
There was previously a social housing residence on the site that had been severely damaged by fire.
Selling agent, Ali Yagmur from Domain Real Estate Illawarra said there were 12 registered bidders, and it sold for nearly ten per cent above reserve price.
Most of the registered bidders were local parties.
"Bidding commenced at $700,000 and within four bids we were above $800,000, with the final selling price of $857,000," he said.
"In the end it came down to a two-horse race, and it was purchased by a local couple who will be looking to build their new home."