• June 28, 2014

Weather Cools Down, Market Heats Up

Whether it’s a first, second or eighth home – anyone attempting to either step onto the property ladder or take the next rung up will be faced with the obstacle of relentless competition. The reason potential buyers are attempting it right now? Low interest rates and stable employment are the two biggest drivers for consumer confidence which has defined the 2014 marketplace. As a result, prices are naturally hiking right up in the trendy Western Suburbs where the looming reality of a cool Winter chill did not dampen the enthusiasm of bidders over the weekend.

6 George Street, Yarraville sold for $571,000 (marketed price range was $400,000-$440,000), 23 Kidman Street, Yarraville $602,000 (marketed price range was $530,000-$580,000), 14 James Street, Williamstown $990,000 (marketed price range was $800,000-$880,000) and 14 Argyle Street, Fawkner $390,000 (marketed price range was $350,000-$380,000.)

Worst house in the best street? Perhaps. “Grongal” which has been marketed as “The Ultimate Project Property” is a home set at 6 George Street in Yarraville which invites buyers to put on their creative hat, look past the weathered state of this old beauty and unveil the potential. Property Advisor/Buyer Advocate for Infolio, Nicholas Morrison spoke prior to the auction about where he thought the price would be heading. “At the moment it’s a good market which continues trending upwards due to intense competition and emotion. It’s difficult at auction at the moment because everything is running away especially when a home is set in a lifestyle position. I am predicting this home will go under the hammer in the mid to high 500’s,” he said.

100 curious spectators braved the cold and watched the showstopping auction where Adrian Butera was in fine form as he highlighted the lifestyle factors of living in the heart of the trendy Inner West.“Yarraville is a suburb which tracks along very nicely regardless of the price you are looking at. A north facing backyard, right of way and the renovation/extension potential (Subject to Council Approval) is a real talking point,” he enthusiastically stated.The  Buyer Advocate, Nicholas was first to shout a bid of $460,000 and then a wave of activity began as multiple bidders hotly contested. $470,000, $480,000. $510,000 and Adrian declared, “It’s like Murphy’s Law as all the buyers are hanging out together.” Within 10 minutes, the auction was declared over and this home was a topic of conversation for neighbours as some were whispering their surprise at the price achieved for this reno.

At 14 James Street in Williamstown, the undeniable appeal of this enchanting double fronted Victorian’s warm feel unites with a hot spot position just seconds from The Strand Waterfront, Ferguson Street’s café culture and schools. A perfect fusion of history and future appeal further enhances this period home. Adrian competed loudly against the windy conditions. “If it rains we’ll continue but if it pelts down we’ll take a pause and move it inside. In only a matter of months, the MasterChef himself, George Calombaris will be opening up Hellenic Republic just on the corner. The opportunity to buy with plans and permits to build another level is also there. Ladies and gentleman, I stress today is a family home in a gem of a location. It just doesn’t get any better,” he cited. This auction was off to a slow start as Adrian called out “Who wants to go first” and was met with a long silence. Adrian placed a vendor bid of $850,000 and was met with a reply of $870,000. This auction was slow and steady as bidders were carefully considering each move but multiple bidding ensued and this home went above and beyond its marketed quote range.

Yarraville locals, Janine and Darrin recently sold their house in Regent Street and were attending auctions across the Inner West this weekend. “The market is showing solid growth and properties continue to be selling well under the hammer. If they are not being sold at auction then they seem to be going with a week after. I keep hearing speculation from the media that the market is going to dip but I don’t believe that will happen. The auction at 23 Kidman Street in Yarraville was exciting and I definitely believe it sold for the right amount,” Janine explained.

Janine and Darrin firmly believe that the market is only going to continue to heat up.

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