SUMMER Hill, a four-bedroom property with Hopkins River frontage at Allansford failed to sell at auction yesterday for the second time this year.
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In a novel selling approach, believed to be the first in recent memory in the south-west, agents Charles Stewart Western Victoria declared the reserve price of $875,000 well in advance of the auction.
The property, on 19.3-hectares (49-acres), opened on the declared vendors’ reserve.
After no bids were forthcoming, auctioneer Nick Adamson opened bids to the crowd of about 50.
A bid of $650,000 was made, however no further bids were offered. After a discussion with the vendors, a further vendor bid was placed at $700,000. No more bids were received and the property was passed in.
Agent Nick Allen said it was a disappointing result for the vendors, however the declared vendor's bid had proved popular.
“Most people have made a comment on it,” he said.
“It’s a process that is transparent and that has been appreciated by people.”
Mr Allen said there was some genuine interest in the property. “We’re hopeful we will get a result,” he said. “We have very motivated sellers.”
Summer Hill was auctioned in February and was passed in on a vendors’ bid of $1 million.