A garage in Newport sold for almost nine times the asking price when it came up for auction this week. A total of eleven bidders piled into the sale of the garage in the city's Pill area.
Listed with a guide price of £13,500, sustained bidding over two days saw the property attract 245 bids. It eventually sold for £100,600.
This is the latest Newport property to sell well over its asking price at auction. The city has been seeing an incredible property boom, with prices skyrocketing for buyers.
Read more: The people facing the 'impossible' task of buying a home where they live.
The semi-detached garage is located at the end of Mendalgief Road, Newport. Angie Davey, of Newport-based Paul Fosh Auctions said: "What a phenomenal result. The sizeable garage, towards the end of a popular residential road, certainly grabbed the interest of some determined bidders.
"Bids flooded in from the start and remained strong until the property was eventually sold, after 245 bids from 11 bidders, for a mind-boggling £100,600, which is more than seven times the guide price of £13,500-plus. The figure realised for the property is astounding. We and the former owner are delighted with the result which further underlines the fact that property prices in the city of Newport are only going one way."
Accessed via an up and over door for vehicle access and side pedestrian door, the garage has a connecting storage room or workshop accessed via the garage. There are two car parking spaces to the front, and a side pathway leading to a small rear courtyard and overgrown garden area.
Angie said: "Subject to necessary planning consents and change of use the garage could suit a tradesperson. The space, which has been cleared by the previous owner, is fitted with power and light facility however this was damaged and will need to be re-connected."
This latest sale of a domestic garage comes in the wake of another sold in the city after attracting 123 bids. That single garage, on Downing Street, listed with a guide price of £9,000-plus, eventually sold for £32,950.
Sean Roper of Paul Fosh Auctions, said: "Interest in property in general in the Newport area is very strong. The sale of this quite ordinary garage, for more than three times its guide, is an illustration that the city is a real hot spot for property buyers with almost everything that is offered for sale being snapped up at auction."
The next Paul Fosh Auctions online sale starts on Tuesday, May 17, ending from 5pm on Thursday May 19.
