“The opening bid started at $800,000 and after much competition, the property sold under the hammer for $1.005M, 24 bids later.
“It came down to two final bidders and in the end, with a deadlock at $1M, it was just an extra five thousand dollars that sealed the deal for a local investor.
“It was no surprise to see such interest as we had 65 enquiries, 14 inspections and 21 contracts requested throughout the campaign.”
Mr Karkanis said two previous agencies had tried and failed to sell the asset, with an auction last year falling well short of the mark.
“When we were entrusted with the sale of this property, instead of relying solely on the marketing and advertising, we instead hunted for buyers by reaching out to our local contacts, and it certainly paid off for us and our vendor,” he said.