• July 19, 2014

Auction Action Is Fierce

The facade leaves little hint to what lies beyond and that`s the beauty of surprises. There was a buzz in the air over the weekend as 60 curious onlookers approximately dispersed across the tree-lined streetscape to watch the auction of 26 Austin Crescent West in Yarraville. Privately nestled on a corner, this renovated family home is a tale about modern transformation and sits on a corner aspect with approximately 50 metres of street frontage just moments to Cruickshank Park, Kingsville Primary School plus Wembley Avenue shopping strip.

Auctioneer, Adrian Butera was in charge and he did not have to spend too long convincing the crowd because intense bidding defined this riveting auction.  He offered the spectators a very balanced view on this four bedroom, one bathroom and three car home. “Size is the fundamental factor and with a park down the street, I expect this home will naturally cause competition. The garage accommodation, opportunity to further improve and enjoy the lifestyle is what it’s all about!” he exclaimed.

$650,000 was the genuine first bid and that was enough for Bidder 2 to join the race but there were others waiting in the wings. $660,000, $665,000, $670,000, $675,000 and the crowd was drawn in as the numbers continued to spike up and at one point, Adrian Butera declared, “It’s like a rubber band. It can stretch but at some point it has to break.” Six bidders all up were attracted into the auction ring and this home went under the hammer for $742,000 while the marketed quote range was $590,000-$650,000.

This auction which was guided by Senior Sales Executive and Partner, Traci Charles demonstrates how sellers still remain in the driving seat and property prices have ended the financial year of a high note. New figures from the Real Estate Institute of Victoria revealed that Melbourne’s median house price has hit its highest ever level of $658,000.

How Much Is Your Suburb Worth?

Williamstown: $1,040,000
Yarraville: $707,000
Newport: $721,250
Footscray: $736,500
West Footscray: $680,000
Maidstone: $625,000
Seddon: $737,750
Altona: $660,000
Altona North: $572,500

Source: www.reiv.com.au

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