• November 15, 2014

Market Heat Inches Forward

At 39 Ballard Street in Yarraville, a weatherboard facade leaves no hint to the unmistakable style which resides within and this property proved to be popular at auction this weekend. The sheer weight of buyer strength contributed towards this home selling for $685,000 while the marketed quote range was $590,000 plus.

Smartly transformed for today, this three bedroom weatherboard home attracted a wide crowd which stretched all over the street in anticipation for an exciting auction. A clear winner for any demographic, this residence is tucked away within close proximity to Cruickshank Park, Wembley Primary School and Angliss Reserve. Auctioneer, Adrian Butera described the exciting opportunity. “This area bubbles along very nicely and seems to attract families, kids and per square metre it is far more affordable than the Yarraville Village. You won’t get land this big in the Village,” he said. The auction opened with a vendor bid of $600,000 and multiple hands were soon raising up. Numbers spiralled upwards from $610,000, $620,000, $630,000, $640,000, $650,000, $660,000, $665,000, $675,000, $680,000 before reaching the climax of $685,000.

On another note, all indicators signal that the Western Suburbs property scene continues to display excellent strength and success rates are evidence of this. Auction activity will continue to rise over the next few weekends where buyers will be spoiled for choice.  Just recently, The Reserve Bank predictably decided to leave interest rates at the 60 year low of 2.5 per cent and the rate has remained unchanged since August 2013.

Sales Executive, John Luong has first hand witnessed a market that has continued to gather momentum throughout 2014. “The market is definitely hot and there are about 40 auctions approximately left until the 25th of December. Auctions are also building up for next year and the property scene right now is all about intense competition,” he said.

Leave a Reply

Your email address will not be published. Required fields are marked *