The last of the busy weekend’s for the Coastal Sale season, this weekend saw 97 auctions reported to the REIV. 43 of these sold and 54 passed in, 33 of those on a vendors bid.
Portsea saw a surge of auctions over the weekend with 14 auctions reported to the REIV. 10 of these were handled by R T Edgar Portsea. The results saw a mix of sales and passed in auctions on the day. R T Edgar Agent, Ilze Moran, explained that most properties had a single bidder on the day and where the auction didn’t result in a sale the parties concerned are in negotiation. Strong results were recorded for the properties that did sell and prices have remained in line with the prices seen in that market at this time last year.
43 Duffys Road, Portsea
One of the properties auctioned last Saturday was 43 Duffys Road, which was successfully Auctioned by RT Edgar for $1,520,000. This property is a 4 bedroom home set on 1 acre. Complete with a pool and views of the dunes and Sorrento Golf Course, it sits within a short walk of Shelley Beach.
12 & 14 Stringer Road, Blairgowrie
These 2 properties have been owned by the same family for 20 years and went to auction on Saturday in front of a crowd of around 150. Both properties were picked up by the same purchaser with the 1000 square meter block at number 12 selling at $685,000. Hocking Stuart Director Tim Bradler explained this was the real surprise of the weekend, selling at $185,000 over the vendor’s reserve price. Number 14, a 2 bedroom cottage on 1011 square meters, sold for $560,000 which was also $60,000 above the vendor’s reserve.
18 & 20 Devon Avenue, Blairgowrie
Similar to the properties in Stringer Road these 2 properties were another house and vacant block pair that had been in the same family for over 50 years. First up, the 659 square meter block at number 18 was auctioned by Hocking Stuart Blairgowrie for $105,000 over the vendor’s reserve of $435,000. The 3 bedroom house at number 20 was auctioned immediately after and sold for $465,000, an additional $25,000 above the vendor’s reserve.
In total, 7 properties were sold by the team at Hocking Stuart Blairgowrie, for a 100% clearance rate for the office for the final weekend of January.
34 Lialeeta Road, Fairhaven – Great Ocean Road Real Estate
A crowd of over 150 attended the much anticipated auction on Saturday of 34 Lialeeta Road, Fairhaven. The property was being offered for the first time in 65 years and is in one of the Great Ocean Road’s most exclusive pockets.
Great Ocean Road Real Estate Managing Director, Ian Stewart, conducted the auction that saw an opening bid of $1.2m. This was soon surpassed and the property was declared “on the market” at $1.55m.
With the bidding strong and transparent, the competing parties offered 76 bids, to see the property sold for $2,060,000.
Great Ocean Road Real Estate Director and Aireys Inlet Branch Manager, James Worssam, said that the vendors were delighted with the result if not a little sad to let go of something that has been in the family for so long. The young family who have purchased are naturally delighted with the outcome.
4 Allinga Lane, Fairhaven – Whitford Torquay
This 3 bedroom home set on a 590 square meter block was due to be auctioned on Saturday morning but sold earlier in the day for a price of $560,000. Whitford agent, Steve Menegazzo, advised that the property was in a good price bracket for the area and that the vendors had realistic price expectations which coupled with a buyer who could see the value of the property. This resulted in a sale that was the ideal outcome for all parties. The property had genuine interest throughout the sales campaign and is a prime example of realistic vendor expectations and engaged buyers resulting in a successful sale.
1-3/21 Staughton Avenue, Rosebud West – Ray White Rosebud
This set of 3 brand new homes due for auction last Saturday saw the middle block sell before auction for $412,000. Units 1 & 3 went to auction, selling on the day for $395,000 and $406,000 respectively. Ray White Director and Auctioneer, Craig Bennie, explained that unit 1 was bought by a young investor who showed interest at the last minute. Unit 3 sold shortly after the auction with the final sale negotiated with the under-bidder, the father of the purchaser of Unit 1. Each home has 3 bedrooms and an open plan living/dining/kitchen that opens up onto a private deck.
Next weekend there are around 90 auctions scheduled with the number of properties going under the hammer in coastal areas dropping and the Metro Melbourne auctions increasing as February begins.
That wraps up this week’s market wrap, be sure to stop by next week 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.