• September 6, 2014

Spring’s First Test

Auction Highlight

It felt like barely anything has changed since the 1920’s when flappers with glam pin up curls and charm-filled deco architecture was the trend. When the double leadlight panelled glass doors creaked open, the art deco roared to life and endless foot traffic entered inside of 1 Tait Street, Newport. This home ignites the question, Will you add state-of-the-art to deco? Although the interiors are utterly charming, this residence is ripe for inspiration and the future options are boundless to groove this home into a contemporary arrangement (Subject to Council Approval.)

Auctioneer, Adrian Butera is always a pleasure to watch at auction and today was no exception. A large crowd lined up against the fence opposite the charming property and Adrian placed a vendor bid of $700,000. Within three seconds, a hand shot up and numbers kept spiralling upwards. This was a long auction so fast forward closer to the finish line and spectators were laughing at how this was starting to feel like it would never end. At the fall of the hammer, there was friendly chit chat as well as handshakes between the new buyers and under bidders. SOLD for $847,000!

Rachael and Darryl have been looking for a home in this area for three years.

Words From….

The Happy Purchasers, Rachael and Darryl: “We now have our Saturday’s back! It’s been a long time coming as we’ve been looking in this area for three years,” Rachael said.

The Under bidders, Rachel and Tony: “It was such an exciting auction environment and the auctioneer was fantastic. We have just started looking and it’s great to see these guys happy. We remain positive,” Rachel explained.

The Buyers Mother: “I was praying the whole time. When that other bidder joined at the end out of nowhere my heart stopped for a second. I’m just overwhelmed with happiness,” she said.

The Market

Strong demand swept onto the auction scene over the weekend as the fight for period and contemporary homes  contributed towards a clearance rate of 100% for Compton Green. Numbers at auctions usually ramp up as this is the time of year as buyers are looking to purchase before summer so they can move over the Christmas period. Just this week, RP Data figures highlighted how Melbourne and Sydney have the strongest build-up to the spring selling season in four years. Melbourne property values rose 6.4 per cent and Sydney values were up 5 per cent over the three months to August. RP Data’s Victorian Housing Market Specialist, Robert Larocca said, “The vast majority of suburbs have seen median house values rise faster than Melbourne as a whole and that reflects the underlying positives of the inner west.”

Auction Results:

10 Edgar Street, Kingsville: $690,000. Marketed Quote: $580,000-$640,000
82a Gordon Street, Newport: Undisclosed price.
13 Romawi Street, Altona: $726,000. Marketed Quote: $570,000 plus
1 Tait Street, Newport: $847,000. Marketed Quote: $690,000-$750,000.

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