• March 19, 2014

Homes were a hit under the hammer today as the health of the market was dictated by Compton Green recording a clearance rate of 85%. With prices soaring at an altering speed, a fierce game of tug of war is taking place across the broad spectrum of the thriving property scene. What we saw this weekend can be read no other way than strong. If the market continues at this level, prices will continue to rise at a rapid rate and substantially.

“While our vendors are going to the next stage of their lives, it’s the beginning for you to enjoy the open plan feel and barbeque area. There’s a warmth to it that’s seldom found. If the warmth doesn’t get you over the line, the location has to,” cited  renowned Auctioneer, Adrian Butera in his preamble of 54A Hansen Street in Altona North.The auction started off at a slow pace as there was silence in the crowd of approximately 30 people (if there were no cars driving in the street, you could have heard a pin drop!) who lined the established streetscape to witness the auction action of this pretty home marketed as “Peaceful Beyond Doubt.” Adrian started off with a vendor bid of $420,000 but after a few minutes of enthusiastically pointing out more of this home’s trademarks, the bidding war was off to an inevitable start.

After the auction, the vendor, Susan was clearly elated with the property going under the hammer for $472,000 (the marketed quote range was $410,000-$450,000.) “I was so nervous but John and Adrian have been fantastic! The result was exactly what we were hoping for. We bought it from Compton Green years ago and originally the front was all concrete so we’ve put in a garden and made it lovely. It’s such a pretty little house and being close to the beach is a huge asset,” she said excitedly.

Round two was at one of the most respected positions you could imagine – 85 Victoria Street in Williamstown. Trying to get a park in the gorgeous streetscape proved to be a mission as a large crowd of over 50 onlookers faced the glare of the sun and the stance of a Victorian home which has stood the test of time. The heading on the board said, “Enticing Style, Enviable Location.”  The board copy read, “Charisma and potential form a compelling combination! Featuring a generous backyard and rear access – will you renovate, extend or enjoy (STCA.)

“Perhaps you have engaged a draftsman to sketch something up. When you have 650m2 approx to play with (STCA), that’s enough to get started and enjoy the great postcode of 3016. If the position doesn’t get you over the line, the land, opportunity and character will. You’ve got so much land to work with and it’s a great palette to start with. You are not reinventing the wheel!” Adrian explained with enthusiasm.

Adrian started off with a vendor bid of $1,100,000 and within a couple of minutes, the first call out was $1,125,000. Competition started heating up and as multiple bidders were battling it out left, right and centre, the auction took some time but it sold above the vendor’s expectations at an undisclosed price. After the auction, Adrian explained his excitement at the result and provided an insight into the auction history of Victoria Street. “Homes positioned in prestigious Victoria Street typically do not sell under the hammer but generally negotiations usually take place afterwards so the auction result of this period home reflects how the market is up to speed,” he explained.

With a distinctive form of a modest front porch, broad profile and exposed roof structure, it was easy to see why this California Bungalow at 37 Anderson Street in Newport attracted a loyal stream of fans. The captivating silhouette is just a little hint of what lies beyond. As a sizeable crowd packed into the tree-lined street, the next door neighbour, explained why he thinks Anderson Street is thriving. “I love the people and how quiet this street is. There’s shopping everywhere and it has everything. I’ve been living here for 16 years now. The market is stable, it’s not ridiculous but steady and it’s started to peak a bit. I believe people have come to their senses,” he said.

The auction was fast paced right from the get go and with the weather heating up at one point, Adrian even said, “If this gets to a million, someone deserves me a beer!” Multiple bidders were hotly contesting for this property and numbers were steadily going up in thousand dollar sequences. Buyers had their eyes on this period prize and  the rapid cross fire between bidders reached serious heat as it sold for $866,000 while the marketed quote range was $760,000-$810,000.

Leave a Reply

Your email address will not be published. Required fields are marked *