The Bid Brief (May 6-7)
The resurgence in Western Australia’s market was emphasised again this month with a foothills home selling within days of its first open inspection.
The auction for 96 Williams Street in picturesque Gooseberry Hill was cancelled after the elderly seller received early campaign offers.
LJ Hooker Kalamunda | Foothills Principal Grant Winning recommended the seller proceed to auction, but with the offers submitted and having bought elsewhere, an unconditional sale in short time was too appealing.
“We had 33 groups through the home on the first weekend, and three offers in the first week,” said Mr Winning.
“There was a $50,000 difference between the lowest and highest offer, and before she went to market, she would have gladly accepted the lowest (offer).
“I thought there was a strong possibility that taking the property all the way to auction could have generated a higher result but the seller had bought elsewhere and was very happy to take the unconditional offer tabled.”
Mr Winning pinpointed the turning point for Perth’s Kalamunda and Foothills’ market improvement was last October when his office sold more property, in terms of value, than any other month since they began trading in 2002 – including Perth’s 2006 boom.
WA doesn’t have the same auction culture as the eastern states, but Mr Winning said the success sellers were having through the process was undeniable.
“The latest REIWA (Real Estate Institute of WA) data shows that properties listed for auction spend an average of 27 days on the market prior to selling, compared to 73 for properties marketed via private treaty.”
Across Australia, LJ Hooker has a wide breadth of properties on offer under auction.
In Adelaide, LJ Hooker Walkerville | Modbury’s Fadi Ouidh and Lidija Kies have received a strong reception for a sandstone-reproduction villa at 26 Charlbury Road in Medindie Gardens. The home was built in 2014 by reputable SA builder Samuel James Homes.
Adelaide’s Medindie Gardens is one of the city’s most tightly-held localities.
Mr Ouidh said the strength of the school catchment and underlying demand for properties in Medindie Gardens helped drive interest. The listing generated more than 50,000 views through LJ Hooker’s innovation social media advertising generator, LJ Hooker Boost.
“It’s hard to gauge how the market is performing in Medindie Gardens, because only about four properties change hands in the suburb each year,” he said. “Once people get into Medindie Gardens, they’re not leaving for a long time.”
Leading all girls’ private institution Wilderness School, St Andrew’s Primary and St Peters’ Boys and Girls schools are among the education facilities in the Medindie Gardens catchment.
“The campaign has attracted a lot of people who grew up in the area and want to come back so their children can have the lifestyle, schooling and social opportunities they enjoyed when they were younger.”
The Charlbury Road address goes under the hammer at 12.30pm on Saturday, May 5.
This weekend in Sydney LJ Hooker Ashfield Director Domenic Bucciarelli is taking to auction a three-bedroom, two-bathroom art-deco inspired cottage which has attracted young families for its affordable, entry-level cul-de-sac living. 1 Tawa Street is a double brick residence with classic façade and dual street access.
“Ashfield’s been considered the poorer cousin to neighbouring areas like Summer Hill and Haberfield,” said Mr Bucciarelli.
“But Summer Hill and Haberfield are very hard to get into, and with the affordability and shared amenity, buyers are now starting to recognise Ashfield as offering a happy medium.”
Mr Bucciarelli said the campaign had attracted interest from inner-city owners looking to find more living space for the next chapter in their life.
“Some people who bought a semi-attached (dwelling) in Annandale a decade ago now sitting on an asset worth $1.5 million. They can come out to Ashfield and step up in property terms for a comparable price.”
1 Tawa Street will be auctioned through LJ Hooker Ashfield at 12.45pm on Saturday May 5.