Incredible Aireys Inlet auction result

THE spring coastal property market showed its strength at an auction on Saturday, with 10 Philip Street Aireys Inlet selling for more than $250,000 above the reserve.

With a large crowd in attendance, five bidders saw the property sell under the hammer at $840,000, an incredible $265,000 above the $575,000 reserve.

Great Ocean Properties auctioneer and director Marty Maher said that the demand for coastal properties is at an all-time high, with some remarkable results being achieved for their vendors.

“We know that the market is very buoyant at present, but we certainly were not expecting such a terrific result,” Mr Maher said.

“We had what we thought would be a knock-out $50,000 bid mid auction, taking it to $700,000 but it just kept going.

“We could never have foreseen that outcome. Clearly our vendors are delighted.”

Low levels of available properties for sale are driving increased competition for properties, particularly in the highly sought-after areas along the coast.

The strong winter performance of the Melbourne market looks set to flow onto the coast over the upcoming warmer months.

“It’s a great time to be a vendor,” Mr Maher said.