Smart entry level properties, charming period beauties plus contemporary entertainers were a few items craved on the auction menu this weekend. The market itself is healthy, demand is strong and bidder depth at many of our auctions contributed towards a clearance rate of 75%. As Auctioneer, Adrian Butera, said at an auction,“There’s an appetite for homes across every spectrum of the market and today we are going to serve it up!”
At 28 Madden Street in Maidstone, the charm of art deco with the promise of a bright tomorrow is what captivated the flappers and the panicked buyer demand highlighted how this era still draws us in today. As the sun filtered through the established trees that line the street, around 40 people waited in anticipation to witness the auction of this home where the nostalgia of the past and dreams of the future unite.
In renowned Auctioneer, Adrian Butera’s preamble he spoke about the property in black and white terms. “This is an affordable opportunity. Some people might say it is not a big block and some might say it needs work. I’m sorry to state the obvious but if it was a bigger block and had all the work done it wouldn’t be an affordable opportunity. You can enjoy the funky feel or do the work. Best of all, the opportunity is to get into the marketplace,” Adrian explained.
Nothing deterred the train from going full steam ahead because within a split second after Adrian’s proceedings, a voice in the crowd confidently called out, “$385,000” and the auction was off to a quick start. In every direction, left, right and centre, buyers were battling it out and one lady in the crowd clearly was vying for this property as she hesitantly kept raising her hand, clearly longing for this art deco delight. Multiple bidders battled on heartily and finally we were at the business end of the auction as a young couple purchased this property for $496,000 while the marketed price quote was $370,000-$400,000.
The vendors, Aimee and David have always been in love with the enduring appeal of the art deco era and were pleased to pass on their treasured home. “We are really happy with the result and are glad it’s gone to a young couple so they’ll have such a terrific start. We love the art deco, the street and kitchen. The result surpassed our expectations and we are going home now to pop open the champagne,” Aimee said excitedly.
At 31 Joel Avenue in Altona North, over 30 people spread over both sides of the street to witness Adrian call the auction of this attractive family property. “Ladies and gentleman, there’s so much going on! If you are seeking a property where all the hardwork has been completed, this is it. It’s the little things which go a long way,” he said enthusiastically. After a series of multiple bids, the magic number was reached and this property marketed as “A Superb Scenario” sold for $647,000 while the marketed quote range was $580,000-$620,000.
The next auction round was held at 6/68 Verdon Street in Williamstown. Auctioneer, Nathan Johnson energetically painted a detailed description about the benefits of living in this prized lifestyle pocket. “This is one of the best apartment blocks in Williamstown and why? Buyers, the features, the size, the presentation, the gardens and absolutely everything,” he said. A couple of bidders hotly contested for this property and it sold for $443,000 while the marketed quote range was $400,000 plus.
On an end note, the confidence in the market has been circulating throughout the media this week. RP Data recently reported that Australia’s capital city home prices surged 2.3 per cent in March, the biggest monthly rise in records going back 18 years. If the market continues at this pace, we can foreshadow that the market will be defined by an uplift of volume and sellers should have the confidence to make decisions to list with the knowledge of high demand.