Insights

Although last weekend’s weather brought ice, buyers were not deterred with Hodges’ auctions attracting sizable crowds and intense competition from buyers vying for a slice of Bayside.

At the auction of 1/3 Raith Avenue in Sandringham bidding was fierce and fast paced. With Hodges Director Paul Bond leading the charge with some impressive auctioneering, the property sold under the hammer for 1.120m – 120k above its reserve. Both vendor and buyer reported that they were delighted in the result. “Today’s auction at Raith Ave demonstrates that the cold weather really has not slowed this year’s market,” said Bond.

Whilst in Beaumaris the auction of 24 Cannes Grove set a new record, achieving the highest sale per meter to date in the northern section of the area. There was intense rivalry between three bidders, who between them placed over 20 bids. With a reserve of $815k, the property eventually sold for a notable $937,500k.

Hodges Director Michael Cooney said he saw the market really turn itself up this weekend. “We saw an influx of people from other areas attending our auctions; all hoping to secure a new home in popular Bayside. Open for inspections also drew big numbers – houses that were not receiving great deal of attention two weeks ago, received double the amount of attendees. A new benchmark was set this weekend, illustrating that it’s great time for people who are thinking of selling in the area,” said Cooney.

A 70 strong crowd joined the auction of 35 Durrant Street in Brighton again demonstrating that people are not staying indoors this winter. Competitive bidding from two punters ended with auctioneer and Hodges Director Julian Augustini selling the property for an impressive $1.121m.

Another Hodges auction to note was 11 Roma Street in Bentleigh, which had a strong turnout of over 80 people. Following some compelling auctioneering from Hodges Director Frank Ruffo, the property sold for $1.070m – an outstanding 170k above its $900k reserve. Ruffo said he has noticed an increase in interest from people wanting to buy in the Bentleigh area. “Bentleigh has become a real hot spot – its three train stations, good schools, lovely village and good proximity to the bay, being a major draw card for potential buyers,” said Ruffo.