While most Perth property is only just starting to perk up, interest in subdivision and development sites has been building up for the last year. The right sites have a buzz of interested buyers at the home opens.
As an example, a corner triplex site in Greenwood auctioned recently had 9 registered bidders vying for the property in a fierce bidding war. A whopping 61 bids delivered a sale price of $521,000. This was $80,000 over the reserve price! It was by no means a bargain, and there were many hugely disappointed bidders left without a property. (more…)