Modest bayside home achieves mega auction result

first_img12 Kooralgin St, Manly achieved a whopping $1.42 million at auction last weekend.The modest three-bedroom home at 12 Kooralgin Street, Manly with picture-book marina views wouldn’t look like much to the casual observer.But over the weekend, it achieved a monster $1.42 million at auction, cementing Manly Hill’s reputation as a Millionaire’s Row.L J Hooker Manly principal, Murray Mercer, said it was a brilliant outcome for all involved.“I’m ecstatic. So is everyone else I think,” Mr Mercer said.“It surpassed the reserve well and truly.”More from newsMould, age, not enough to stop 17 bidders fighting for this home3 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor3 hours agoMr Mercer said the marketing campaign saw over 45 parties walk through the home’s doors, with 13 registered bidders lining up on the day.The property was part of the estate of a local identity who had lived at the address since building the home in 1958.“It’s a pretty tight market that little section of the hill … and this one was special because of the well known the guy that owned it,” Mr Mercer said.“He used to sit on that veranda overlooking the bay and everyone use to wave at him and he used to wave back. He was a bit of a local celebrity.”While the 483sq m site would have suited buyers looking to build a grand new residence, Mr Mercer said the winning bidder has long-term plans for keeping the home.“The gentleman that’s bought is going to renovate it a bit and rent it long term and maybe use it for himself as he goes into retirement,” he said.Big results such as this reflect the latest analysis by Corelogic which showed Brisbane house prices rose 3.4 per cent over the past year, despite a recent fall in auction clearance rates.last_img

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