Our first auctions of 2016…

Our office had it’s old hum back last week. The auction files sat proudly on our desk and the phones were buzzing with deposit cheque clarification and contract legal review feedback. We’d started to really miss our auction bidding and it had been exactly seven weeks since our last public auction.

This break is what shapes the first auction weekend of each year in Melbourne.

We had one ‘live’ auction file planned for Saturday 6th Feb; a single-fronted period Victorian in Station St Carlton North with a deceptively gorgeous facade, yet ripe for renovation and offering interesting scope to those who can tackle a architectural renovation. We had been keeping in touch with the agents; taking their temperature daily in that final week in an effort to understand our likely competition. Our late warning of a competitive investor trio was not lost on us – we knew that the game would change if they chose to bid on this house. All we could do was hope that the extensive renovation quelled their enthusiasm.

Our plans for a one-auction Saturday changed on Friday night when a fantastic couple we’d been working with for a few months contacted us late to canvas the idea of attending an auction the next day for a property we’d shortlisted but they’d initially let go.

In his typical easy-going manner, he suggested “Why don’t we just go along and see.”

A robust chat about setting a low but possibly viable limit and attending with the intention of bidding shaped up. But we needed a contract review. It’s our mandatory step. Thankfully a fabulous local conveyancer assisted us under time-pressure on Saturday morning and after conducting our due diligence through the night and into the morning, I was satisfied we were in a position to bid. Our lovely client kept reminding me “Cate, I am worried I’m wasting your time. We don’t expect to get it.” Maybe they wouldn’t, but I couldn’t bear for him to attend ‘just to watch’ if it sold for a price he’d have been prepared to pay. I cut to the chase. “Are we doing this or not?”

His expectations were about to change.

The auction time was the same as Station St in Carlton North. Both were at 12.30pm. Amy jumped into action and coordinated the pre-auction items and met up with our clients to share her devised plan. At 12.55pm when I was commiserating with my Carlton buyers over our loss to the investor trio, Amy’s text came through. She’d secured the property, and surprisingly at the top of the auction quote range.

We didn’t anticipate this property would sell to us with our budget despite it’s condition and challenges.

The drawcard though was the location and the options. Without heritage overlays and being positioned in arguably one of Yarraville’s best streets, 67 Castlemaine Street set a wonderful note for 2016 as a prized asset for us to assist with.

A three minute walk up Castlemaine, over the rail track, past the Sun Theatre, along the cafe strip of Ballarat St to Yarraville’s Railway Hotel for our celebratory glass of champagne reinforced the amazing location for what will become their home.

It just goes to show that while pent-up buyer demand underpinned our strong auction clearance rate this weekend, opportunities still exist.

Yesterday was a perfect example of the need to be in it to win it.

Wishing our fabulous couple a wonderful adventure as they get over their shock and then plan to recreate their Yarraville residence.