• March 22, 2014

The market is ‘like a dog with a bone’ in certain instances and this was the case at 27 Anzac Crescent in Williamstown. Perhaps the further up the food chain you go, the atmosphere becomes thinner and more intense between bidders trying to retrieve the prize? The one million dollar market is deep right now in terms of bidder depth and demand is high in the maritime suburb of Williamstown which has been defined by a surging median price in the last quarter.

A watchful gathering lined into the leafy crescent and listened intently as Auctioneer, Adrian Butera explained this family home’s significant list of assets. “The opportunity can be described in various ways. It’s in an area where there can be flexibility with style and design. Buyers, the opportunity cannot be described by my mouth or marketing alone as you the architects, designers and draftspeople would describe it far better than I do. Today’s sale is the cliche of opportunity,” he said.

Within minutes, Adrian received the response he was looking for as multiple bidders were hotly contesting for this property with bidders moving steadily past the million dollar mark. The momentum continued to build up and there were a few smiles in the crowd as this entertaining auction started feeling like an intense rapid cross fire! Sold! This property went under the hammer for $1,138,000 while it was marketed as $900,000-$990,000. The excited crowd lingered for a long time after the auction had concluded and there was plenty of discussion going on as predictions of the market could be overheard.

After the auction, the vendor, Sue, sat in her dining room table surrounded by loved ones and everyone was clearly ecstatic with the result. “I’m just about to pop open the champagne! I am extremely overwhelmed by the outcome as I had no idea my home would sell for this price! I am truly lost for words, emotional and thrilled to bits,” she said with an excited tremble.

Activity is tipped to ramp up in the next few weeks and with a broad range of homes available, prospective buyers now have plenty of choice. The listing volumes are increasing and will underpin a rise in transactions, contributing positively to the health of the real estate market. When there are three bidders at an auction, there is a successful buyer and two unsuccessful ones. Those two unsuccessful ones usually go harder at the next auctions due to a feeling of desperation and the cycle will continue right into Winter.

The vendor of Anzac Crescent, Sue, was utterly overwhelmed by the outcome.

“The auction was so exciting and we are thrilled for Sue! The price achieved exceeded our expectations.” (Friends of the vendor at Anzac Crescent.)

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