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The Bid Brief

By Ryan Ellem on Apr 20 2018

The sale of a never-lived in three-bedroom apartment in exclusive Vaucluse kicked-off LJ Hooker’s national auction program this week.

Three bidders vied for the superbly appointed address in Isabel Avenue, with the gavel falling at $2,051,000 in favour of a local downsizing couple.

LJ Hooker Double Bay Group's Associate Director Alain Waitsman co-ordinated the marketing campaign for the apartment - which boasted 117sqm of internal living and 42sqm of terrace - on behalf of the seller.

"The apartment is part of a boutique complex of 12 within walking distance of Diamond Bay Reserve which was only finished in February," said Mr Waitsman.

"Throughout the prestige markets, we've seen local buyers come to the fore, replacing the Chinese market which had been prevalent in previous years. The pace of price growth in Sydney markets has slowed and inner-city downsizers are taking advantage of this to realise the capital gains they've made on the family home and afford the next phase of life ."

According to preliminary results from CoreLogic, Australia had a preliminary clearance rate of 64.5 per cent over the weekend. 

Across the nation this weekend, LJ Hooker will be auctioning a spectrum of property types appealing to first home buyers through to mum-and-dad developers.

A handbrake was placed on the Gold Coast's auction market over the past two weeks as the city hosted the Commonwealth Games. But with the departure of athletes and the streets emptied of out-of-town bus charters, buyers are set to resume their hunt this weekend.

With reports of the Queensland Government spending $2 billion on infrastructure, transport, operations and promotional initiatives to support the 11-day event, the Government is hoping the property industry will be one of the main beneficiaries of heightened awareness of the Gold Coast throughout the Commonwealth nations.

"This time of year - just before the arrival of winter - has historically been one of our busier times of the year," said LJ Hooker Surfers Paradise’s Sam Mansy. "So, having the Commonwealth Games here over this time has placed the market on-hold to a large degree as people either went to events, were told to avoid the traffic, or even got out of the city for the fortnight ."

Sam Mansy is marketing 3 Purli Street, one of the few redevelopment sites on Chevron Island- neighbouring the Glitter Strip - which isn't in the hands of a developer.

"The home sits on a 506sqm property which is a very short walk to Thomas Drive and zoned for high density living. Changes to the City's Planning Scheme placed a lot of emphasis on density throughout Chevron Island, which still has a village-style feel about it. There would only be a dozen or so freehold properties in Chevron Island which haven’t been land-banked by developers, and 3 Purli Street is one of them ."

The Purli Street home will be auctioned on-site at 10am on Saturday, April 21.

In Melbourne, LJ Hooker Epping's Alexandra Selekos has attracted strong interest for a four-bedroom, two-bathroom property on Epping Road which is set to go under the hammer at 11am, also on Saturday.

Epping has been one of the shining lights in Melbourne's northern housing market over the last year. According to CoreLogic data, a mammoth 443 homes exchanged hands in the suburb over 2017, with the median house price ending at $560,000 for the calendar year - a rise of 21.7% over 12 months.

Epping's access to the Ring Road network allows for a commute to the CBD in less than an hour. The suburb also enjoys extensive shopping and good public schooling opportunities .

Ms Selekos said 126 Epping Road had attracted owner-occupant and investor enquiry during the marketing campaign.

"As an ex-display home built in the last decade, the home is expansive and that’s been driving a lot of interest from families in the area," said Ms Selekos. "We've also had some enquiries from investors as the area’s affordability still provides for relatively good yields ."

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