The ordinary single-car garage that has sold for three times its asking price
Monday, February 28, 2022
A single-car garage in Newport attracted 123 bids, eventually selling for three times its guide price
A single-car garage in Newport sold for three times its guide price when it went to auction in February.
The interest in the sale of the garage and the price obtained is an example of the "red hot" property market in the city, a leading Newport expert says.
The garage was listed with a guide price of £9,000 by Newport-based Paul Fosh Auctions. The description dubbed it "a sizeable single garage that measures approximately 34ft in length" and said it "would be ideal for vehicle use or storage or a small workshop for tradesperson".
The garage is situated to the rear of Downing Street and is of breeze block construction with a roller door.
Sean Roper, of Newport-based Paul Fosh Auctions, said bids rained in as soon as the property in the Lliswerry area of Newport went live.
And bidding didn't stop until 123 bids later when the garage, with a guide price of £9,000, sold for £32,950.
Sean Roper, of Paul Fosh Auctions, said: "Interest in the sizeable garage was red hot. The first bid was registered as soon as the auction went live at 12 noon and bids kept on coming until the hammer fell two days later.
"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 garage was sold in Paul Fosh Auctions' February sale. The next Paul Fosh Auctions sale starts on Tuesday, March 8.
Story by Emily Withers via WalesOnline. For full story click here