Free toilet paper used to lure buyers out on quiet Melbourne long weekend
Sellers have made light of the coronavirus-induced panic shopping that has gripped the country by offering free toilet paper for the opening bidders at two auctions in Melbourne this weekend.
The owners of 23 Wingrove Street, Cheltenham, who sold with Ray White Cheltenham, offered a 24-pack of three-ply Kleenex, with a young couple making the first bid from four registered bidders.
But a developer was the eventual buyer, after a winning offer of $950,500 – $120,500 above the reserve.
Selling agent Kevin Chokshi said the developers may look to build townhouses on the block.
The idea for the toilet paper giveaway came from a colleague, he said.
“You have to just think in the moment,” Mr Chokshi told Domain.
At 21 Ajax Drive, Wheelers Hill, sold through Ray White Glen Waverley, the vendor offered up a six-pack of gold-labelled toilet paper to the opening bidder from the five who had registered.
The five-bedroom home sold for $1,305,000 – well above the $1.15 million reserve – to a family who had recently relocated to Australia from Hong Kong .
Because of the Labour Day long weekend in Melbourne, there were fewer auctions: the preliminary auction clearance rate was 69 per cent following 345 auctions and 237 reported results.
Domain economist Trent Wiltshire said the clearance rate was weaker than those of previous weeks, but overall Melbourne’s clearance rate was doing extremely well.
“The long weekend in Melbourne means we can’t read too much into Saturday’s result,” Mr Wiltshire said.
The overall results for February was 72 per cent, the highest clearance rate level since May 2017, he said.
“There were more than double the number of auctions on Saturday in Melbourne compared to the same Saturday a year ago,” he said.
Toilet paper hoarders may be using their stockpiles to their advantage, but in the wider market agents say COVID-19 has, so far, had little negative impact.
Marshall White Stonnington director and auctioneer John Bongiorno said attendances at open-for-inspections were up and buyer activity, including private sales, had continued to be strong.
“People take a long-term approach to buying property,” Mr Bongiorno said. “I think that this is only going to accelerate expats wanting to buy back in [to the Australian market].”
Marshall White was already seeing more inquiries from buyers in Singapore and Hong Kong.
Kay & Burton partner Michael Armstrong agreed, saying the latest interest rate cut had added to the number of buyers in the market.
“We’re still benefiting from the build up in demand for property from last year,” Mr Armstrong said.
Meanwhile, fears surrounding the safe injecting room in Richmond didn’t seem to dampen the enthusiasm of the buyer of 98 Lennox Street at the weekend.
Biggin & Scott Richmond director and auctioneer Russell Cambridge said the home, a deceased estate sold on behalf of State Trustees, was bought by a first-home buyer for $900,000, above the $800,000 to $880,000 asking price range.
The buyer will probably completely renovate the home, which looks a little worse for wear on the outside.
First-home buyers also snapped up a four-bedroom home at 2 Pinehill Drive, Rowville, after a winning bid of $840,800.
Selling agent McGrath Box Hill’s Steven Cheung said the couple had been renting in the eastern suburbs before buying there.
One of the biggest results from the weekend was at 13 Faversham Road, Canterbury, where three active bidders fought it out for the keys to the deceased estate.
The three-bedroom house, on a corner block, sold under the hammer for $2.89 million.
Jellis Craig partner and auctioneer Simon Lord said the buyer was happy with his purchase, and was planning to tear down the older Spanish mission-style home and rebuild.
“The buyer was so excited he jumped for joy when he got it,” Mr Lord said. “That was really nice to see.”
We thought you might like
States
Capital Cities
Capital Cities - Rentals
Popular Areas
Allhomes
More
