Buyers pay $300K over reserve for forever home above Jan Juc beach, 25 Carnarvon Ave, Jan Juc,
A JAN JUC home that overlooks the main beach and Torquay golf course fairway has sold more than $300,000 over reserve at auction.
The three-bedroom house at 25 Carnarvon Ave sold under the hammer on Saturday for $1.826 million.
The massive price was the result of fierce competition between two buyers with links to Torquay who were looking to hold the beachfront property long-term.
Built on top of a 691sq m block, the house has expansive views towards the ocean and across the fairways to Jan Juc Surf Lifesaving Club.
The house is divided into two separate structures connected by a breezeway.
One Agency, Torquay, agent Shaun O’Callaghan said a mix of local and out-of-area buyers competed for the property.
The reserve price was $1.5 million, he said.
“Two of the parties that were most competitive grew up in Torquay,” he said.
Mr O’Callaghan said strong capital growth in Torquay had allowed local buyers to reduce the competitive edge Melbourne-based buyers had built through rising equity in their properties.
“Equity increases in and around Torquay has meant that buyers from postcode 3228 can compete at the same level as those outside of the region,” he said.
The level of competition for the property showed there were plenty of buyers at this price bracket, he said.
“It sets a benchmark but it also reveals the depth of buyers in the marketplace at the higher-end bracket.
“There was a number of other buyers that were also in attendance (who were) more observing and waiting, (but) it pushed past them,” he said.
“They didn’t throw their hand in. Once it ran away, they probably sat back and watched.”
Mr O’Callaghan said the sale came a week after a house on a 1000sq m property in old Torquay sold for more than $2 million.
He said the house at 5 Pride St was destined to be demolished.
Originally published as Buyers pay $300K over reserve for ‘forever home’ above Jan Juc beach
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