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Property investment: rising rates force family to sell investment home and their family home for $1.8 million

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A suburban family bought their neighbours’ house to give them a larger block, but when interest rates went up further something had to give.

Two neighbouring houses occupying 1408 square metres on separate titles at 5 and 7 Pauls Drive,John MorrisFirst cab off the rank: the investment property at 5 Pauls Drive, Valley View, was the first to be auctioned. It reached a price of $885,000 before a pause that for the sale of the neighbouring home.It was a highly desirable 1400-square-metre combined site on a corner block. You can develop the site.

We put on the auction of number 5 at 5.30pm and then the auction of number 7 at 5.45pm. We auctioned them off both, subject not only to the reserve price, but also subject to the sale of the other property.This was all worked out on the day because they were considering not selling their family home. They’d pulled number 7 two days before the auction. Then in the morning, we got the OK to put them both through.

We paused the auction and immediately opened up number 7. That auction stopped at $862,500. We were at $1,747,500 – above the combined reserve of them both of $1.7 million. I then went out and combined both auctions together. I said: “We are now selling as a whole both 5 and 7 at a price that is $1,747,500. If there is no further bidding, we will be selling right away.”They were willing to sell at $1,747,500, but we knew the majority of bidders were developers. If it was going to start up again, the developers would go for it.The same party was the highest bidder on both lots. Then the parties went head to head and it sold for $1,803,000.There was one other thing.

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