Auctions continue to show strength in the coastal market

Agents are seeing some great results from auction campaigns with Great Ocean Properties’ auction of 12 Lialeeta Road, Fairhaven, selling almost $1m above reserve.

Quoted at $3.8m – $4.2m and with a reserve of $4.1m, 178 bids later the property sold for $5,035,000.

There were four active Melbourne-based bidders in the game with the opening bid at $3.6m and the property was soon announced on the market as bidding reached $4.1m.

Selling agent, Marty Maher from Great Ocean Properties, said an interesting aspect of this auction after talking to the buyer, is that he was Melbourne-based and looking for a beach house, and was comparing to what $5m could buy in the Surf Coast compared to Sorrento or Portsea, and felt that there was much greater value here.

“We are seeing more and more of this scenario on our coastline now,” Mr Maher said.

“Although we have seen a string a record breaking sales this past 12 months, I believe we are really just catching up to prices that have been paid on the Mornington Peninsula for years.

“Our access from Melbourne is better and our natural beauty is now being valued more highly and rightly so.”

Great Ocean Properties also sold 26 Domain Road, Jan Juc, at auction for $1,325,000.

McCartney Real Estate also had two successful auctions with 55 Fischer Street in old Torquay sold for $1,480,000 to a Geelong-based buyer which was $230,000 over the reserve after three bidders battled it out from the first bid of $1,100,000. Their second auction was 58 Domain Road, Jan Juc, which sold for $1,200,000 after the auction when competitive bidding stopped at $1,170,000 before being passed in and negotiated afterwards.