Sold at first sight

Following competitive bidding, a couple secured 279 Ross Street, Port Melbourne for $1,955,000 at auction, having only first seen the property earlier that day.

With a price guide of between $1.75 million and $1.85 million and in a highly sought position, the Ross Street house presented an opportunity to a wide range of buyers looking in the area.

Although interest in the property had been strong with 35 people through the open for inspection period, senior advisor and negotiator Cheyne Fox commented that she wasn’t completely sure who the eventual purchaser would be.

When it was revealed the successful purchaser happened to be a couple who had only viewed the property for the first time earlier that day, everyone was surprised. Whilst it’s not a completely unheard of, a buyer coming out of the woodwork on the day of the auction, is certainly not the norm.

When it came to the auction itself, the bidding kicked off at $1.8 million, with a buyer’s advocate (representing a couple) and another bidder driving the price up in $10,000 increments.

Auctioneer Shane Siemers said that the opening bid starting in the middle of the range is “a strong indication it is going to be a good auction with a healthy amount of action”. He claimed that the eventual purchasers waited until the property was announced as ‘on the market’ before they entered the bidding.

“We are seeing this happen more and more where buyers want to know that their bid might actually purchase the asset”, Siemers said. The fact that both the purchaser and the under-bidder had seen the property for the first time that day suggests the market “still has a few surprises left in it” and that demand is there for quality turn-key property.

When the price reached $1.935 million, the successful purchasers joined the two existing bidders in the action before eventually securing the property for $1,955,000.

Set across two levels, the single-fronted, north-facing residence is light-filled and freshly renovated.

The property had been owned by the same family for about 100 years before the vendor bought it in June last year, renovated it and put the house back on the market. At a time when interest rates have risen and the market is faced with uncertainty, the result was celebrated by the vendor and emphasised the fact that there is still a strong demand for quality, renovated homes in desirable locations.

Fox said  “The first thing she (the buyer) said to me after the auction ended was, ‘Oh my gosh, I’m not dressed for photos’. They really weren’t intending on bidding.”

Siemers said that the flow of bidding and the result of the auction has given him renewed belief that the market is rebounding.

“We’ve had multiple bidders at our last few auctions and bidding has been strong, indicating people are still willing to put their hand up for quality property”.

Fox said the couple had been actively looking in the area, and she had met them previously at other open homes.

“I’m absolutely thrilled they finally found their home. They were hugging the sold sticker, they were just beside themselves. It was a wonderful result.”