Emerald property sells to bidders for just under reserve
A LARGE family home sold after auction in Emerald over the weekend.
22 Alamein Drive, Emerald, was sold to an investor Saturday for an undisclosed price after spending 34 days on the market.
Emerald Real Estate principal Jason Campbell, who is in charge of the property, said the home ended up going for a little under the standard reserve.
"We had about 20 parties on site at the time, with four registered bidders," Mr Campbell said.
"The property was passed in and then sold subsequently to one of the registered bidders directly after the auction.
"It was a localised investor who bought the property and will be renting it out.
"There were numerous owner/occupiers there who were interested, but it was an investor who ended up securing the property at the end of the day.
"It was a negotiated sale and both the buyer and seller are happy with the result."
He said auctions weren't held in Emerald regularly, but the homes that did go to auction had been selling.
"The hardest part with auctions these days is the lending criteria from the banks and giving people pre-approvals prior to an auction day has proven to be somewhat difficult," he said.
"We have been negotiating most of the sales with terms."