Time warp home sells before going to auction

first_imgThe home at 14 Dodds St, Margate sold before auction.A CHARACTER cottage on two lots in Margate went under contract the evening before it was due to be auctioned. The property at 14 Dodds St sold for $601,250. Marketing agents Loren Mulholland and Jonathan Gordon said the property attracted a high level of interest. “More than 50 people inspected the home in just a few weeks and we had nine contracts submitted,” Ms Mulholland said. Mr Gordon said the home was a well-maintained time capsule.“The vendors were only the second owners of the property and they kept is largely untouched to keep the character,” he said. “That, combined with the block being on two lots, created quite a rare opportunity for the area.”More from newsLand grab sees 12 Sandstone Lakes homesites sell in a week21 Jun 2020Tropical haven walking distance from the surf9 Oct 2019The home had a retro look.Mr Gordon said the home was sold to an interstate investor who planned to modernise it and hold on to it for the time being. Ms Mulholland said the Margate market was proving equally popular with owner-occupiers and investors, though stock was low. “Demand is far outweighing supply and listings are few and far between,” she said. “We think it is because 50-60 per cent of people in the area are investors and, with low interest rates, it makes more sense for them to hold on to property rather than have money in the bank.” Mr Gordon said the number of buyers looking in and around Margate was on the up. “A lot of people are drawn to the area,” he said. “We are being inundated with inquiries on properties but we can’t meet demand.”last_img

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