• August 20, 2014

Yarraville Sales Bloom Leading Up to Spring

The suburb of Yarraville once had nothing more than predominantly The Sun Theatre. Now in 2014, the charm-filled suburb regains the quality of making you feel like you’ve stepped onto a movie set but it’s also morphed into a population hot spot. Every demographic appears to be treading the marketplace here and the median price reached $707,000 this quarter. Ten years ago, the median house price was just $316,000. Keen eyes fixated their gaze on Yarraville over the weekend and with the fall of the hammer, two properties sold; contributing towards a clearance rate of 100% for Compton Green.

With just one glance, the enduring character of “Nuwara Eliya” at 37 Goulburn Street evokes a timeless vision of yesteryear. This property sits proudly, gracing a period streetscape just seconds from everything which makes Yarraville Village a magnet including exciting cafes, The Sun Theatre, train station and shops. High ceilings and baltic pine floorboards frame a classical hall with two bright bedrooms while an inviting living area conveys the romance of its era. To the rear, a tired kitchen, dining room and bathroom which captures endless sunlight ignites the question, will you one day add contemporary touches?

Approximately 80 people lined into the picturesque street to witness the auction of this lifestyle classic which was marketed in the price range of $510,000-$560,000. Auctioneer, Adrian Butera passionately described the position as ‘the game changer.’ “You can’t get a better location than this and the opportunity to further cross this home into today’s contemporary world makes it even more exciting,” he said. A couple of bidders were hotly contesting this property where the sequence of bids included $500,000, $520,000, $540,000, $560,000, $580,000, $600,000, $620,000, $630,000, $640,000, $645,000 and $650,000 before reaching the pinnacle of $655,000.

On the other side of Yarraville near Cruickshank Park at 7 Freame Street, neighbours were getting restless during this auction as a long battle ensued. The board read, “Ready To Take on The World!”  Inspiring your ideas, this  dated but heartwarming art deco character set on 450m2 approx was a home set to lure with its renovation/development potential (Subject to Council Approval.) A crowd of approximately 50 dispersed all over the wide street and watched the auction where two bidders held their phones firmly to the ears and Auctioneer, Adrian declared, “I hope you’re with Telstra or someone good. You’re not talking to each other are you?” he laughed.

In Adrian’s preamble, he pinpointed the future potential. “This is not the biggest land size but it’s doable. I’m sure you could all picture this as a new home site! Reap in the benefits of city skylines, parks and gardens at your doorstep. This home is held back in time from when it was first built. You could add it to your investment portfolio, rent it out for a year or two and then embark on your journey of building a new family home,” he explained. Bidders were shy to begin with but the price finally hiked from $710,000 to $720,000, $735,000, $740,000, $750,000, $760,000, $765,000, $770,000, $775,000, $780,000 and this property sold for $785,000.

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