Here we stunning evidence that CV’s are totally divorced from reality and cannot be relied on any more, even as a starting point. The item also demonstrates quite clearly that the notion Asians are ramping up prices for speculative purposes as a nonsense. Whatever the final bid, there must have been under bidders so the value was perceived by more than one bidder. It should also be noted that the winner of the auction intends to build homes on the site so that must be positive with the flow on effects all along the line.
Wrecker’s ball for $2.4m home
By Alanah Eriksen
Thursday Mar 21, 2013
Developer plans to bowl Epsom five-bedroom house bought for twice its valuation.
A developer has paid $2.41 million for a five-bedroom family home in Epsom, with plans to knock it down and build two new townhouses.
The real estate agency that sold 11 Kipling Ave says the price is unheard of for a piece of land its size which was not being purchased for the house sitting on it.
The property went for more than double its valuation of $1.18 million.
The auction attracted a room full of developers and 62 bids by six groups, Harcourts Eden-Epsom director James Marshall said.
Interest was so high that the auction was brought forward a week after a pre-auction offer of $1.5 million was made.
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