Heart Vs Head
Heart vs Head
Looks of fear, excitement and a hush of anticipation were all rolled into an incredible set of auctions for Melbourne’s Inner West real estate agency, Compton Green on the weekend. Gauging the current interest levels and sentiment out in the market, results were as predicted – strong as a clearance rate of 83 per cent was recorded. Vendors who have been reluctant in the past have taken the plunge to sell and are being rewarded with healthy results provided they are in tune with market expectations.
Highlights
On a wide streetscape, approximately 40 people inspected 38 Stafford Street in Footscray, a gorgeous Victorian which has been reborn to achieve a modern edge. Auctioneer, Adrian Butera delivered a short and sweet introduction to this home and highlighted a compelling explanation of how Footscray has grown into such an appealing lifestyle pocket. With no vendor bids, it appeared like there was no interest whatsoever but just as the auction was declared over, a bidder raised his hand. Will slow and steady win the race? Negotiation took place and this period beauty sold for $604,000 (marketed price was $550,000 – $580,000.)
The vendors, Will and Melanie McCann were ecstatic with the result and their faces clearly said it all. “The auction was definitely unusual with that last minute bidder but the home is exactly what we expected it to go for so we are thrilled. We adore our home as we had our first kid here and it features a beautiful, light-filled interior. We are just moving because baby number two is set to arrive soon so we need a bigger property. Life is always changing! It’s exciting,” Will said.
Driving to 30 Stapley Crescent in Altona North was a mission in itself as the established tree-lined streetscape was packed with approximately 70 onlookers. Auctioneer, Adrian Butera stood in front of the large crowd, inviting the curious crowd to appreciate this four bedroom home which has been renovated to offer spacious living. In Adrian’s preamble, he explained how the sharp finishes are often sought today and all the hard work has been completed. “You’re also around the corner from The Circle, it’s evolution over the last decade has been fabulous for Altona North. All of the food you desire is right there so you can be a MasterChef in the kitchen,” he said. The first hand to get the show started was a bid of 640,000 and then in a matter of minutes, bam! Multiple hands went up and the next series of numbers were 680, 690, 695, 700, 710, 715, 725, 726, 731…The property sold for $732,000 ( marketed price was $640,000-$670,000.)
Vendors, Will and Melanie McCann were over the moon with the outcome.
A large crowd lined Stapley Crescent to watch the cross fire between bidders.
Results…
$604,000. 38 Stafford Street, West Footscray.
$522,000. 43 Vernon Street, South Kingsville.
$732,000. 30 Stapley Crescent, Altona North.
$552,000. 1/144 Woods Street, Newport. (Sold before.)
$385,000. 20 Bosquet Street, Maidstone. (Sold before.)
Vox Pop
Compton Green set out on a mission to find out how buyers are feeling in the prevailing real estate climate. With competition fiercely high in the Inner West of Melbourne, it is evident that buyers are scouring the marketplace for different reasons. Does the analytical voice (the head) or the heart rule the marketplace?
“I think there is a real definite heart streak when buying but if you’re an investor, it’s another story. Personally, I go for the heart aspect. Good light, energy and nice space are essentials.”Anna and Lucas Jordan.
“To me, it seems like things are topping out and the market seems a bit overcooked. There is plenty of buyer demand, lots of canny buyers as well. I think more and more people buy with their heart because there is a general feeling of being left out of being in the market so people are bidding to achieve that euphoric state. Potential buyers have that feeling that if they don’t get something now, they might be left out of the market altogether, especially with affordability shrinking.” Adrian Prendergast.
“I go with my head as resell value, not over capitalising for the area and not getting swept up in the emotion of it are essential elements in real estate. I think it’s essential to research the area and investigate the median price to make sure that if I resell, I’m not going to lose any money. I think it’s so important to think things through.” Jan.
“It’s a general question. I think on the whole nowadays people tend to go with their head because they want quality and value for money (more so than they used to! )When you come across a little gem though that’s when people tend to go with their heart rather than their head. “ Kerry Scott.
