• October 18, 2014

Prices Soar in Auction Frenzy

Buyers released their purse strings and vendors pockets overflowed in Melbourne’s inner west over the weekend. Bidders are pushing prices up with force and the exuberant market is yet to show signs of slowing. With a home buying spree currently in succession, the market continues to move higher and faster than a few weeks ago; sparking an influx of vendors to now consider selling.

In a classic row of period beauties where time naturally stands still, an Edwardian commands immediate attention. Distinguished by an evocative past, the warm personality is felt immediately when stepping inside of 130 Chirnside Street, Kingsville. Poised in a tightly held street, an irresistible lifestyle proposition is on offer in this three bedroom residence. This corner was sought after by an outbreak of four bidders who fought right to the end with vigour and the price remains undisclosed.

On a wide streetscape, bidders had no time to even pause for breath at 127 Cecil Street, Williamstown. Prestigiously sited on 770m2 approx, this rare Victorian discovery with period integrity offers a chance to stamp on a modern twist and extend if desired (subject to council approval.) Auctioneer, Adrian Butera highlighted the sensational selling point of being set close to Williamstown Beach, the Botanical Gardens and Nelson Place precinct.  20 minutes later and two bidders disguised in dark sunglasses were the last standing in this drawn out auction where there were gasps from the crowd as this home sold for $1,745,000 (marketed quote range – $1,300,000-$1,400,000.) The anonymous purchasers were overwhelmed with emotion and were asked whether they had champagne ready to pop open. “We didn’t want to get our hopes up so there’s no champagne cooling as you never know what can happen at auction,” the purchaser said.

Another home on the auction agenda featured park frontage and an immediately harmonious lifestyle sets the scene.  Only moments away from Newport Station, cafes, schools and shops, 119 John Liston Drive, Newport conveys a stylish relaxed attitude perfectly catering for a family who loves to entertain. Widely dispersed out in a circular shape surrounding Auctioneer, Nathan Johnson, spectators watched as numbers spiralled upwards significantly past the marketed price range of $780,000-$830,000. A young family attained this home which went under the hammer for $940,000.

The Real Estate Institute of Victoria reported today that Melbourne’s median house price has stabilised in the quarter to 30 September, however sought-after suburbs continued to increase in price.  REIV Chief Executive Officer, Enzo Raimondo said REIV’s median house price data shows that on 30 September, the city’s $649,000 median house price remained the same as at the end of the financial year.  The median apartment price was up slightly – 1.2 per cent over the September quarter – to $503,000.

He added that the increasing popularity of auctions in recent months has been borne out in house prices at auction. “There were 8165 auctions in Melbourne in the September quarter this year, compared with 7079 in the same quarter last year,” he said.

Compton Green is hosting 10 auctions next Saturday. 5/31 Dover Road, Williamstown also sold for $294,500.

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