Would-be homebuyers who have been searching for the perfect property are now taking action, anticipating price increases in 2025. A home in Gladstone Park, originally listed with a price guide of $820,000-$870,000, sold for over $100,000 above expectations. The auction for 11 Pyke Drive ended at $980,000, with the underbidder dropping out at $975,000.
Ray White Gladstone Park’s Phillip Mercieca stated that the home exceeded expectations with five bidders competing. The first bid came in at $850,000, well within the quoted range, and the house was called on the market at around $930,000 due to strong bidding. Mercieca noted that he had only sold about four homes in the suburb for over $1 million, making this result impressive for a one-bathroom residence.
The buyer, a downsizer who had been searching for a new home since selling their previous property two years ago, expressed that they would have gone past $1 million if necessary. Vendor David Pernasilici described the property as unique and believed it would be valued at over $1 million in the near future, especially with potential rate cuts that would boost buyer confidence.
The Pernasilici family, including their two children, will now be relocating to Airport West. They will miss the setup of the home and the pool, which they enjoyed for the past 15 years. Mercieca also mentioned that demand for homes in the area is high, with multiple families interested in reasonably-sized residences.
Overall, the sale of 11 Pyke Drive in Gladstone Park exceeded expectations and reflects the growing confidence in the property market.
1 Comment
miss mustard
March 1, 2025Wow, this is such an inspiring story! It really goes to show the power of patience and strategic thinking when it comes to buying a home. I especially love how the Gladstone Park homebuyer was able to seize the perfect opportunity at just the right time. Definitely something to keep in mind for my own future home purchase! #smartbuyingtips