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