Sellers get $700,000 over reserve

A Clovelly unit with prized ocean views attracted a bidding war when it went under the hammer, resulting in a price $700,000 over the reserve.

The sellers, who owned the home for five decades, had set their reserve at $2 million but got a price of $2.7 million for their apartment on Eastbourne Ave.

Seventeen bidders registered for the auction with selling agents Haynes Wileman and Jason Pantzer of PPD Real Estate – a combination of investors, downsizers & couples seeking an upgrade from their current home.

The Clovelly unit attracted 17 bidders.

Auctioneer Clarence White received an opening bid of $1.8 million and the auction was also over in minutes. The price guide was $1.9 million. Mr Wileman said the home offered scope for improvement and buyers liked that they could put a personal stamp on the home.

Source: www.dailytelegraph.com.au