Competitive Bidding for Blue Chip Real Estate

Gorman Commercial Real Estate’s auction of 33-35 Queens Avenue, Hawthorn has certainly provided a positive message regarding the early 2019 property market. With over 100 people in attendance and up to 6 interested parties and strong bidding created a record sale price of $3,420,000 which was $1,120,000 above reserve. Stephen Gorman and Jonathon McCormack from Gorman Commercial commented that, “The sale represents just under $6,000 per square metre and confirms that while buyers are more discerning at the moment, good quality real estate always sells if marketed properly. We specifically targeted developers and owner occupiers who could refurbish the property and that created a perfect environment for competitive bidding.”