Top interest in bottom of market
STRONG demand continues for properties in Grafton in the $200,000 - $250,000 range.
At an LJ Hooker auction in Grafton on Thursday night, eight properties went under the hammer, but it was those at the lower end of the scale that attracted the most interest.
LJ Hooker principal Matt Dougherty said investors continued to show a lot of interest in lower-priced properties.
“Investors know the bottom end is moving up,” he said.
“They know they will get good (rental) returns on their money and that capital growth is likely.”
A fibro cottage at 255 Prince Street attracted four bidders and sold ‘well above the reserve’ at $166,000.
A two-bedroom home at 227 Queen Street, described as a ‘good sturdy cottage’ sold to a 21-year-old first home buyer for $231,000.
A block of industrial land at 30 Hyde Street, South Grafton, had one bid of $100,000 and sold at that price.
Mr Dougherty said that when the lower-priced properties sold, buyer interest waned.
“The top end, in the $400,000 - $500,000 range is harder to move,” he said.
He said, however, there was ongoing interest in a number of properties listed on the night.