• June 14, 2014

Hear The Applause

Old period beauties in dire need of a makeover continue to tug at the heartstrings of buyers in Melbourne’s Inner West. When the ingredients of potential, character and price combine, homes are selling for red hot prices. 296 Hyde Street in Yarraville is where an auction was brought to the boil over the weekend as it sold for $520,000 while the marketed quote range was $380,000-$420,000.

Luring in a steady stream of 80 spectators, this period beauty set just seconds from Yarraville Village is where the auction could have been anyone’s game as bidders were out in force. The board read, “Will you make this old madam hip and transform her into the 21st century?” Auctioneer, Adrian Butera took advantage of the afternoon light and decided to hold the auction in the rear garden where the sound of a trickling water feature set a relaxed mood. A cast of Compton Green agents were present, all supporting Adrian who celebrated the many values of the property in his preamble. “This is an affordable one! There’s no doubt that if this property was in Yarraville Village or perhaps West Yarraville it would be a different price. There’s no doubt that today is all about opportunity,” he said.

A confident bid of $360,000 was shouted by one gentleman which was met with a reply from another bidder and it was game on. Multiple bidding was free flowing as the bidders were clearly keen to secure the property. The price kept rising and the crowd were all wondering when this would all end. The final bidder waved their flag and with a round of applause, the auction was brought to a conclusion.

A couple, Daniel and Paige have been keeping a close eye on the market for the past six months and have spent many weekends at auctions across the Inner West. “At the moment we are in the research phase. It’s interesting to see what the prices are, expectations are and what they are going for at auction. There’s more going for at auction than we expected and prices are continuing to rise. We really love the heart and soul of period homes,” Daniel said.

Leave a Reply

Your email address will not be published.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