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Kay & Burton real estate agency hit with underquoting fine in Melbourne s Armadale
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Spring property sales season under COVID-19 cloud
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Price guides in Australia are quickly becoming obsolete. (Nathan Stirk, Getty Images)
Some Sydney and Melbourne houses have been selling for more than a million dollars above the reserve price as auctions continue to attract crowds.
With property prices on the rise and sales moving quickly, the trend of sales coming in well above reserve appears to have become a more common one.
According to Louis Christopher, founder of SQM Research, it is being driven by pent-up demand as well as instances of underquoting – for both legitimate and illegitimate reasons.
Losing at an auction can be frustrating for would-be homebuyers at the best of times, but being outbid by seven figures is in the realm of parody.
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Ross Savas from Kay & Burton was the agent who sold the property, and declined to comment.
The mansion was placed on the market in 2020, two weeks after George sold his four-bedroom Safety Beach holiday house for $1.01million.
Details: George and his wife purchased the five-bedroom Toorak property for $4.75million, and listed it for sale in February 2020 as George s hospitality empire teetered on the brink of collapse
Higher than expected: The house had an estimated value range of between $3.85million and $6.63million, but sold for $8.8 million
Gorgeous: The property boasts four bathrooms, a lift and a five-car garage, plus a recently constructed gym
Supercar in your lounge? How luxury homes in Bangkok, London and Florida are purpose built for petrolheads Peta Tomlinson Walk straight out your supercar and into your living room at Bangkok’s new Circle Sukhumvit 11 condo complex. Photo: Richmont’s, affiliate of Christie’s International Real Estate
Until rare Scotch whisky was added to Knight Frank s annual Luxury Investment Index in 2019, classic cars held pole position as a consistent performer. Based on data provided by the Historic Automobile Group International (HAGI), classic car assets appreciated by 12 per cent annually between 2004 and 2009, and again in the years from 2011 and 2016. But according to Knight Frank s Andrew Shirley, the author of the report, capital gain is not the main motivation for collectors.
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