Wednesday 27 May 2020
By Ginninderry Project Team

While there may not have been the traditional slamming of the gavel, there was still plenty of excitement as five sites were sold under the virtual hammer today!

In an online auction first for Ginninderry, four multi-unit sites and one terrace pack in Strathnairn were eagerly snapped up by local builders and investors alike.

The auction process combined live bidding via the online platform, SalesEzy along with Scott Crossman, local auctioneer at The Link, Sales and Information Centre, keeping bidders informed via Zoom updates.

Steve Harding, Ginninderry’s Project Director said amidst the coronavirus restrictions and current climate, the auction results were a fantastic outcome.

“While we went into the auction quietly optimistic with 18 registered bidders for the five parcels of land, the virtual environment was still a new sales technique for us,” he said.

“It was very important that all prospective buyers were comfortable with the online approach, and our sales team with support from SaleEzy, spent a lot of time in the lead up to the auction ensuring people were as prepared as possible.”

With a minimum bidding price of $400,000 for the smallest multi-unit site of three dwellings, all sites were hotly contested, with many coming down to the wire in the online bidding platform.

The terrace pack consisting of 14 blocks, was sold for $2,980,000 to a local builder who has previously invested and sold homes in Ginninderry.

An established, urban infill builder secured the two smallest multi-unit sites, and after a lengthy head-to-head process, the multi-unit site for 17 dwellings was sold for $2,470,000.

The final auction of the multi-unit site for 12 dwellings was didn’t sell under initial auction bidding but was later sold to a registered bidder, above the reserve price of $1,620,00

Steve went on to say,

“Despite the current climate, today’s results demonstrate that there is a still a lot of confidence in the market and continued interest in the Ginninderry development.”

Today’s successful auction provides further positive momentum for the project following on from the third release of residential blocks in Stage 2 at Strathnairn and dozens of residents moving into their new homes in Ginninderry’s first stage.