Auction

The advertisement for the auction:

Exceptional value 4 bedroom family home.

Ready to refurbish to your own taste and decor this elevated BV property on a coveted corner allotment provides exceptional family accommodation in this hugely popular locale with Burwood Highway tram only minutes walk with primary and secondary schools, parkland and your choice of local supermarket and major retail shopping nearby.

Accommodation comprises entry, large elevated living/dining room with full width verandah and sweeping views across the suburb, kitchen with adjoining meals, four bedrooms - main with semi-ensuite bathroom, further family bathroom and generous double car garage plus paved entertainment area with pergola.

• General Features
• Property Type: House
• Bedrooms: 4
• Bathrooms: 2
• Land Size:653 m² (approx)

• Outdoor Features
• Garage Spaces:2

Danny's property at 14 Consort Avenue which is just behind my home is up for auction today.

The attendance is very encouraging. I think approximately 20 groups of people have come to see the auction. Unfortunately there are only 2 bidders and the final bid is only $552,000. The property is passed in but it is sold later to the final bidder at a slightly higher price of $555,000. I think the property's sell price is about 10-15% below the market price when the market was at its peak some 2 years ago. In addition the buyer will have to spend maybe $80k on a new kitchen, 2 new baths and new floor carpets. So in reality the property would have been sold with new renovations at $630k +. And 2 years ago, it would have been sold at maybe between $700k and $730k.

From realestate.com.au Melbourne auction results for week ending 12 February 2012 were:-

57.4% Clearance rate

249 Reported auctions

Sold prior to auction:	28	Passed in:	102
Sold at auction:	113	Withdrawn:	4
Sold after auction:	2

The auction result is really appalling and today i is definitely a buyers' market!