Hot auctions raise confidence for lucrative spring

A weekend of strong auction results for Surf Coast vendors has raised hopes that the region could dodge the worst impacts of the present market downturn.

Great Ocean Properties brought the hammer down on two properties on Saturday that passed their combined reserves by more than $1 million, in a result the selling agency said was a vote of confidence in local property.

A three-bedroom home at 14 Murray Street, Anglesea kicked off the weekend after it sold for $1.71 million – more than $250,000 above its pre-auction reserve of $1.45 million, with about 100 people in attendance.

The agency then topped the result at another sale at Moggs Creek, with a likely demolition project at 3 Robyn Road surging past its $1 million reserve to sell for $1.76 million in front of 150 people.

Last week’s results were against the grain of recent reports from national markets, which have shown signs of value decline in recent months as rising interest rates have doused interest from buyers.

Great Ocean Properties director Marty Maher said the healthy sales showed there was still strong buyer sentiment for premium Surf Coast property despite economic challenges hurting the national housing market.

“The current coastal market is interesting because it divides the buying demographic into several sections.

“We know that the underlying emotional intent to buy on the coast is still very strong, but this market separates those with the capability to act from those who cannot.

“Within those that have the capability to act, we see separation again from those that are willing to act and those that are currently not.

“These auction results prove that if the opportunity is right, those that are willing to act will present themselves.”