A popular auction at Springwood that drew a crowd of close to 100 people could mark the start of a trend that sees younger families move into the area.
The previous owners of 47 Raelene Terrace were “long-term residents” that lived at the property for almost 40 years, according to LJ Hooker estate agent Pragya Ojha.
Earlier this month the home went to auction, where it attracted more than just bidders.
“There were 15 people bidding and then a massive crowd of extra people from the neighbourhood who turned up,” Ms Ojha said.
She estimated there were close to 100 people in attendance, which is uncommon for property auctions in Springwood.
It was the kind of turnout Ms Ojha quietly expected.
“The owners are really nice, and it’s the first time they were selling and moving on after such a long time,” she said.
“A lot of neighbors came, their friends and family came to support them and support the auction.”
About 20 numbers were bid before the final selling price of $1.23 million was settled on.
The majority of bids were from young families looking to upsize, Ms Ojha said.
The family who bought the property are locals, and will only have to move one suburb over.
Many residents near Raelene Terrace are ‘downsizers’, Ms Ojha said, meaning they will likely sell in the future to downsize to a smaller house or apartment.
“Having an on-site auction really helps neighbours know where the market is and how they should be presenting or preparing a property they’re planning to sell,” Ms Ojha said.
Ms Ojha said she homeowners in the nearby areas were not necessarily enticed to sell their property just because they could fetch a good price.
“Even if there’s a great sale in the neighborhood, owners won’t be selling until they find out where they’re going,” she said.
“But for people who are on the fence and already thinking about selling, a good sale can influence them to sell.”
