Forest Hill home’s price jumps $250,000 in five months
1 Southern Court, Forest Hill, sold for a “life changing” $1.325m.
A Forest Hill couple who bought their home as a bare block of land for just 1500 pounds in 1964 have become millionaires after their home sold $152,000 above reserve.
But they might have got $250,000 less had they gone to auction late last year instead of updating the paint and making a few other cosmetic changes.
Brian and Sue Smith will collect a “life changing” $1.32m from the sale of the five-bedroom family home they built at 1 Southern Court, in one of the area’s early housing estates.
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But Ray White auctioneer Peter Schenck said the “phenomenal auction” wouldn’t have happened just five months ago.
“Prior to Christmas they would have sold for $1.1m,” Mr Schenck said. “So this will be life changing for the vendors.”
The $250,000 lift has been driven by too few homes to meet buyer demand, he said.
But that demand might not last much longer.
Despite a cosmetic update, many aspects of the home were still retro.
The home’s kitchen has made space for new appliances over the years.
Spacious, bright living zones proved enticing to five prospective buyers.
“No-one rings the bell on the top of the market, but in my 30 years in real estate I haven’t seen a spike like this,” Mr Schenck said. “With that there’s usually a correction, though it might continue for another six months.”
Five bidders pursued the property well past its $1.2m reserve in a marathon auction.
At one stage the price inched up by just $500 a bid for almost $60,000, before reaching its life-changing end.
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