…Moonee Ponds

The first Saturday of February was the official start to the 2015 auction season and we were prepped to bid on this three bedroom single fronted Victorian property for a client of ours. At first glance, this property is dated and stands out in the street as the one which is in need of some love.

But at closer inspection, it’s a true diamond in the rough.

Our client’s search was interesting because he was hoping to find a three bedroom period property requiring renovation in Moonee Ponds. His desired budget was important to understand because it precluded him from purchasing a property on a traditional ‘double-front house’ block. Based on land values in the area, we quickly determined that his best chances of finding a period house were based on securing a property on a skinny slice of land – a single front house.

Our assignment had only just begun and we had not just one, but two Victorian three bedroom properties to potentially pursue.

The tough decision for our client was to buy now, or to keep looking.

This is always the toughest of situations for us as advocates; to encourage a buyer to continue searching in the attempt to give them more exposure to the market, or to give them our best advice and recommend striking now.

In this instance, we decided to pursue 61 Bowen St further, and our due diligence commenced. A builder was engaged to inspect the property and assist our client in his renovation decisions. The report was encouraging, and what became clear to our client was that this beauty had great ‘bones’, a fantastic floorplan and could be an easier renovation project than many others he’d seen.

The three good sized bedrooms, beautiful floorboards hidden under the floral carpets, and the right of way at the rear made this house a compelling choice.

In the thirty five degree mid afternoon heat, the auctioneer commenced his preamble. He talked about the surrounds as they always do, but it was obvious that everyone in the crowd was completely familiar with all that this neighbourhood had to offer a new resident. “The Maribyrnong River is moments away…. Puckle Street is an easy walk…. train, tram AND bus are all at your fingertips Ladies and Gentleman…” and he was right. This pocket offers a lot.

The bidding commenced with a $680,000 offer. In quick succession two bidders took the property above reserve but stopped shortly after at $720,000. One stalled. Cate pounced in with a loud “Mark, I’ll give you five.” A quick little series of staccato bids took the price to $735,000. The other bidder looked pained. The auctioneer offered him a $1,000 bid. He quickly accepted, and Cate pounced back immediately with “SEVEN”. Two bids later, and the man was shaking his head. His wife looked pleadingly. The auctioneer offered him a $500 bid. He still shook his head. The auctioneer then pleaded with “come on, just don’t go out for dinner tonight.” It seemed to work; he nodded. Cate fired back immediately with “FORTY!”. They were out….. the house with the giant tomato plants in the front garden was our client’s.

Photos sourced from REA