$888,888 Reserve Blown Away on 8/8

$888,888 Reserve Blown Away on 8/8

In May, Philip Webb attended a Real Estate conference and shared an idea with a few colleagues. “August eighth is on Saturday (auction day) this year”. Phil was surprised that among the seven others, nobody else had thought of it. The ‘lucky eighth of the eighth’ concept took off. On Saturday in Melbourne, over 1000 homes we’re auctioned, 50% more auctions than usual for early August.

It was certainly a prosperous day for PhilipWebb vendors with 13 of the 15 Auctions selling above reserve. The clouds could not keep away a massive crowd of over 150 people at 13 Lauri Ann Street, Templestowe Lower. With television news crews in attendance to see if the house with an $888,888 reserve would live up to the hype, two bidders of Asian heritage aggressively bid the property to $964,000. Obviously the number 13 was lucky yesterday also!

In a day full of highlights, other results included:

*8 Parsons Road, Croydon. Around half of the 88 open for inspection visitors were of Asian heritage. The keenest of these buyers took the bidding to $880,000, however another bidder won the property (whilst debating with the better half) for $905,000, $105,000 above reserve.

*In Vermont, 10 Frank Street sold for $855,000, with five of the six bidders being of Asian heritage, taking the bidding $35,000 over a confident reserve.

*In Blackburn North, there was an attempted knockout bid of $988,000 at 24 Rialton Avenue, just short of the stellar $1 million result.

*19 Renshaw Street Doncaster East sold to a lucky bidder aged in his early twenties, also of Asian heritage for $1,115,000.

*548 Middleborough Road in Blackburn North had two strong bidders of Chinese heritage and sold at $785,000, $35,000 over reserve.

*2/15 Beverly Street Doncaster East was also bought by a lucky bidder of Chinese heritage for $980,000, $80,000 above reserve.

The auspicious number eight is traditionally associated by many of Chinese heritage with wealth and prosperity. The fact that the number 8 matches the mathematical symbol for infinity is another coincidental positive. Being assigned a number with several eights is considered very lucky.

Less homes are traditionally on the market in winter, as people wait for the warmer weather and flowers of the peak spring season. However, with the current strong property demand due to low interest rates and burgeoning foreign investment, homes have been achieving record prices at the moment. Supply is down, demand is up, and strong competition is creating new price records. The 8/8 campaign certainly created a blip on the weekend, normal winter market supply should be seen again this weekend.

For more information on PhilipWebb please visit www.philipwebb.com.au or call on (03) 9842 1477.