Welcome to the first of our summer market wrap posts! With the Christmas – New Year’s break behind us, the property market is starting to pick up again with auctions mainly occurring in coastal and regional areas throughout the first few weeks of the year. Over the first 3 weeks of 2014 there were 52 auctions reported to the REIV, with 26 selling and 26 being passed in, 12 of those on a vendor bid. The auctions to start the year were spread across areas that included Rosebud, Tootgarook, Wodonga and Torquay. This time last year saw auctions in areas that included Hastings, Jan Juc and Rye along the coast with regional auctions in Wodonga, Camperdown and Traralgon.
45 Nunns Rd, Mornington – Ray White Mornington
A keenly contested auction was held over the weekend at this late 1960s brick veneer home set on a 766 square meter corner block. Ray White Auctioneer Andrew Jones estimated the crowd at 150 strong with 5 bidders competing for the property resulting in a sale at $708,000 well above the reserve of $550,000. With a shortage of quality development sites in beachside Mornington this property was of great interest to developers with the corner block and the setback of the existing dwelling creating the potential for the block to be subdivided and a second dwelling built at the rear of the property with its own street frontage.
Other properties due to be auctioned in Mornington over the coming weeks include:
4 Avon Road, Rye –Hocking Stuart Blairgowrie
This auction was contested by 3 bidders on the day in front of a crowd of around 30 with the under-bidder only viewing the property for the first time on the auction day.
Hocking Stuart Auctioneer and Director Tim Bradler described this property as an ideal first home so it was only fitting that the successful bidder was a first home buyer with the final bid of $457,000, $37,000 above the reserve. The home itself is a 2 bedroom home close to the ocean situated on a 940 square meter block.
23 Johnson Avenue, Rye – Ray White Rosebud
Another successful auction took place in Rye just before Christmas at 23 Johnson Avenue. This property was sold at auction by Ray White Rosebud on the 14thof December for $527,000 well over the vendor’s reserve of $410,000. The Auction was recorded and can be watched below.
Other properties due to be auctioned in Rye over the coming weeks include:
75 Truemans Road, Rosebud West – Ray White Rosebud Set back from the street on a 785 square meter block this large home 5 bedroom home is just 500 meters from Capel Beach. The property was due to be auctioned on Saturday the 18th of January with several interested parties but was sold prior to the auction with the vendors accepting an offer of $545,000.
Other properties due to be auctioned in Rosebud & Rosebud West over the coming weeks include:
80/100 The Esplanade, Torquay – Hayden Torquay This 2 bedroom apartment went to auction over the weekend with a turnout of around 30 and 3 registered bidders. The auction was contested by 2 bidders and was placed on the market once the bidding reached $460,000 before selling at $500,000. The apartment which is a part of the Wyndham Resort and is set amongst landscaped gardens with 180 degree ocean view of Whites Beach that Hayden Agent Ben Smith described as one of the best views in the building.
27 Orungal Court, Torquay – Whitford Property This 4 bedroom beachside home was due to be auctioned on the 11th of January which would have been one of the first auctions of 2014. The property was sold just prior to Christmas for $712,500. Whitford Property Director Michael Ferris viewed the sale as a great result for both the vendor and purchaser with the sale negotiated with 2 interested parties with a good amount interest across the board. The property is in a great location one step back from more expensive blocks making it a good buy for the area.
Other properties due to be auctioned in Torquay over the coming weeks include:
The long weekend ahead of us would normally be accompanied by a lull in auction numbers which is not the case with auctions taking place across the state. Stand out areas are Portsea with 16 auctions and both Blairgowrie and Rye with 7 auctions. The Mornington Peninsula and other coastal areas make up the bulk of the remaining auctions with a number around the Bellarine Peninsula and along the Great Ocean Road in areas that include Point Lonsdale, Portarlington, Torquay, Lorne and Apollo Bay. That wraps up this week’s market wrap, be sure to stop by next week following the Australia Day weekend for another edition. If you are an agent with an auction over the next few weeks feel free to contact us at email@example.com with the result of your auction(s) and any additional comments and we will be in touch to discuss.