• March 1, 2014

A heartwarming embrace between the buyers who purchased 20 Charles Street, Seddon.

Prices Are Going Where?

The cringeworthy cliche often cited in real estate, “Location, Location, Location!” dinged true (courtesy of auction bells) this weekend as two homes sitting in popular pockets sold for above vendors expectations.  If a property is positioned in a trendy or convenient lifestyle pocket, the market will generally perceive it as a safe haven for capital growth. Real estate this weekend was in a healthy fashion as strong enquiry, attendances at open for inspections were up and especially at one auction, waves of multiple hands shot up like an intense  horse race!

Maybe it was the auctioneer, Adrian Butera’s detailed preamble (as he said, “It’s the coffee cups in your hands right now which describe what this lifestyle is about) or the fact that Seddon Festival attracted more people in the crowd. Whether it was a caffeine trigger with the relaxed pulse of cafes seconds away or whatever it was, the atmosphere was truly alive at 20 Charles Street in Seddon. The bidding fight began at $710,000 and then it was a domino effect where a series of bidders were hungry for this period beauty. 710,000, 720,000, 730,000, 740,000, 750,000, 755,000, 760,000, 765,000, 770,000, 775,000, 780,000, 785,000, 790,000, 795,000, 800,000 and BAM! This property sold for $805,000  (marketed quote range was between  $690,000- $740,000.)

Those that had come to witness the auction of 2/1A Margot Street in West Footscray sought refuge from the sun while waiting for proceedings to get underway. The call for an opening bid was met by silence but after a while, a shy bidder hesitantly raised their hand up and called out, $330,000 (leaving the crowd to not roast out in the sun for too long!) Negotiations took place after this auction and the property inviting first home or investor success sold for $351,000 (the marketed price was $335,000-$355,000.)

What will the upcoming weeks bring? Well of course that question is hard to answer with total certainty. All we can say is the sentiment from our observations at open houses over the past couple weeks is that the market seems well and truly alive.


Crowd Gossip. The market in your words is…

“There’s so many great houses for sale at the moment. My mother originally lived in Maidstone and I just love the Western Suburbs.” Nancy.

“This is my first auction I’ve ever been too. The market I’m finding is daunting. Things are going really well for sellers while for buyers it’s a bit harder. (Words of Miriam, Hamish & Poncho – the adorable mascot!)

Prices have gone up an awful lot. There have been results in a couple of weekends in Charles Street and we are very surprised by the increase. Who knows what is driving it? I thought with the news of the jobs, the prices would have flattened a bit.” (Sean, left.) “I kind of guessed 20 Charles Street would sell in the $800,000 range and so wasn’t surprised with the result. I knew there would be a lot of interest as people can renovate or live as is.” Rod. (Right.)

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