AUSTRALIA: Agent’s strategy sparks bidding war and $5.62m sale at auction

48 Grandview Pde, Carringbah, sold for $5.62 million — $140,000 above reserve — on November’s biggest auction day.

AN agent’s smart strategy to ask the vendor to lower their reserve after an auction stalled reignited a bidding war, which saw the deep waterfront sell for $5.62 million — the highest price of the weekend.

The result for 48 Grandview Pde, Caringbah, was $140,000 above the adjusted reserve of $5.48 million.

But adjustments to reserves meant selling at that price for most of the 981 vendors who put their homes to auction on Saturday. There were 30 more auctions than the same weekend last year.

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