Insights

28 Grenville St, Hampton sold for almost $350,000 above the reserve price.

The predicted spring property surge has undeniably arrived, with several properties selling for considerably above the reserve price during the past weekend.

One of the most impressive results was a property at 28 Grenville Street, Hampton, sold by Campbell Cooney of Hodges Brighton. There were 13 bidders at the auction and the period home sold for $1.895 million, despite a reserve price of $1.55 million. The sale featured prominently in Domain’s weekly market wrap, published today on The Age’s website.

It has been regularly reported over the past few weeks that buyers are becoming increasingly desperate as we move further into spring, even bidding on properties they haven’t yet inspected. This trend was certainly evident at Saturday’s Hampton auction, with three bidders rushing to the auction after having missed out on a different property just around the corner.

Next weekend is set to be busier again, as it precedes the quieter Grand Final weekend.

View this week’s Domain market wrap here