/South Morang mortgagee auction leaves bargain hunters wanting

South Morang mortgagee auction leaves bargain hunters wanting

4 Pace Circuit, South Morang - for herald sun real estate

4 Pace Circuit, South Morang, attracted bargain hunters — and a strong result.

SOUTH Morang bargain hunters were left wanting yesterday after a mortgagee auction surged $20,000 past expectations.

The three-bedroom townhouse at 4 Pace Circuit went under the hammer with a pre-auction guide of $360,000-$395,000.

A $360,000 opening bid spooked two buyers out of the race immediately, according to Millership & Co auctioneer Brett Sparks.

RELATED: Converted Lancefield bank bagged before auction

Make a bid to brighten your future and that of sick kids

Celeb manager Ralph Carr offloading Hawthorn mansion

A second bidder helped push it to $380,000 before Mr Sparks sought instructions from the vendor and their bank.

4 Pace Circuit, South Morang - for herald sun real estate

The double-storey townhouse comes with an attractive, functional kitchen.

The buyer, Tommy Lawrence, figured he’d scored a bargain at that point. But a third bidder joined in when Mr Sparks returned, pushing the figure to $400,000 before the hammer came down.

“I did think I had it at $380,000,” Mr Lawrence said.

“But if this was a normal property (not a mortgagee sale) it would have gone for more.

“I think the market has dropped off since last year, so it was a good time to get in and get something at a good price.”

4 Pace Circuit, South Morang - for herald sun real estate

Light-filled living spaces added to the home’s appeal.

Mr Sparks agreed, though was surprised the double-storey home passed $380,000.

“We weren’t expecting it to get $400,000 — we thought it would go to $380,000,” he said.

“But at this price range we shouldn’t have any problems, anything under $400,000 is always well inspected.

“The north is going really well, it’s bucking the trend.”

MORE: Renowned jeweller and taxidermist lists quirky Collingwood conversion

Melbourne’s champagne suburbs for buyers on a beer budget

How a slightly longer train trip can pay off for Melbourne homebuyers