• June 13, 2014

Hearts Race on the Auction Line

Contemplating, procrastinating and sheer determination…These are a few emotions we have all been confronted with when house hunting. As the rain drizzled down in Melbourne’s Inner West, the varying psychology of desperate buyers was intensely brought into play in the auction ring. While some confident bidders dived into the race with a rational plan, others stood shaded in sunglasses and whispered nervously to their auction lifeline, “Should I keep going?”

Director of Compton Green, Adrian Butera, provided his insight into the hearts and heads of bidders. “Every individual who are in the midst of the home buying search will go into the auction in different ways. My advice is to pay attention to what’s going on because it does move rather quickly and it’s important to have a plan prior to the auction. Stick to your limits and stand at the front of the pack. Bid with confidence,” he said.

At 241 Melbourne Road in Newport, the contemporary presence could be felt from just one glance at the exterior’s slanted roof shape which framed the prelude of this stunning architectural story. Adrian Butera assembled the rugged up spectators onto the alfresco deck and gave the crowd an option of going inside. The spectators were adamant in staying outside, preferring to pop the brollies out and weather out the cold. “This is one of the best properties we’ve had the pleasure of selling in Newport for a number of years. From the intricate details to the sheer size, this home is truly one of a kind. Hairdressers can even enjoy a salon! When you go into the bathroom, you could be mistaken for thinking you are in a spa in Daylesford,” he shouted with enthusiasm.

A bidder stood at the front, yelling out $1,200,000 and after no action from the crowd, Adrian placed a vendor bid of $1,280,000.  He was soon rewarded and a two way battled ensued until the price reached $1,390,000. Adrian then walked over to the garage and consulted with the vendors while the crowd had some thinking time. Within seconds, the price kept escalating and Adrian tried to seek every last bid he could before pulling the trigger and this prestigious home sold to the first confident gentleman for $1,420,000 while the marketed quote range was $1,250,000-$1,350,000.

At 31 Charlotte Street in Newport, a sea of Compton Green umbrellas lined both sides of the wide streetscape to watch the auction of this cherished home which has been in the same family for the past 62 years. Adrian provided a concise introduction where he touched on the position and lifestyle attractions of this home set on a generous allotment. “Buyers, today’s opportunity is best described by the 552m2 approx. Charlotte Street is one of the widest streets in Newport. Rent it straight out, live in this home or alternatively, bring to life your contemporary ideas. Ladies and gentleman, this has been a truly well loved home by the one owner for many years and we all love one owner cars!” Adrian stated in his preamble.

This was a classic auction, the type which you do not forget. Over 30 minutes long and going up in small number sequences, this auction felt like it would never end! Adrian tried to get the auction train steaming at a fast pace and at one point, he even said “I don’t believe you anymore!” to one bidder who indecisively throughout the auction had a nervous expression and was unpredictable with her bidding. Multiple bidders were out in force and after a tongue twist of sixes, this property was finally knocked down at auction to the next door neighbour for $666,250 while the marketed quote range was $550,000-$600,000.

The vendor was clearly ecstatic with the end result and explained how she felt about the whole auction process. “I would have been happy with a result in the 500’s so I’m absolutely surprised! Adrian did a fantastic job and it’s now time to celebrate,” she said.  This weekend was a good example of everything coming together for many, except of course for the many underbidders left in the wake.

Question to Ask Yourself Before An Auction

  • Will I be able to keep a clear head when it’s my money on the line?
  • Will I be able to stick to my limit and not bid even a dollar over my maximum price?
  • Will I be intimidated by the other bidders?
  • Can I project confidence on auction day?

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