{"id":955,"date":"2014-12-21T21:02:08","date_gmt":"2014-12-21T10:02:08","guid":{"rendered":"http:\/\/www.catebakos.com.au\/?p=955"},"modified":"2014-12-21T21:46:02","modified_gmt":"2014-12-21T10:46:02","slug":"christmas-rush","status":"publish","type":"post","link":"https:\/\/www.catebakos.com.au\/staging\/christmas-rush\/","title":{"rendered":"…The Christmas Rush"},"content":{"rendered":"

Fifty-Seven Clive St West Footscray went to auction as one of the inner-west’s last scheduled public auctions of the year. Two buyers advocates (including myself) were in attendance and overall there were more than 6 bidders. \u00a0I think the auction at 57 Clive St surprised everyone with a result of $874,000.\u00a0 This is the second highest sale in the suburb for the year and I was surprised, despite the momentum in the area at the moment and the strong demand for family-sized homes. \"Ingrid<\/a> Local agents who attended the auction commented on the extraordinary result and largely attributed it to \u2018the Christmas rush\u2019; a widely recognized buyer-fuelled run up to the last auction weekend of the year. This house was no exception. It\u2019s attributes included a great, wide street (arguably one of WF\u2019s best streets), a fabulously large block and a cute front fa\u00e7ade, however the detractors included a semi-renovated house, only 3BR, kitchen upgrade required and a bit of a list of building report issues to be rectified. The two advocates were united on where they initially believed the sale price would result, but as they say, a house is worth what people are prepared to pay for it; certainly in a public and competitive auction environment.<\/p>\n

The highest residential property sale in 2014 was 39 Clive St $935k in November this year \u2013 and this was this sale which I used to benchmark and appraise the property in question.<\/p><\/blockquote>\n

57 Clive St offered great land, a right of way, an easy walk to the Barkley St shops and a fantastic fa\u00e7ade. The negatives w\"Ingrid<\/a>ere apparent though; a house which required restumping, cosmetic attention internally, an extra bedroom and bathroom and a real makeover. I felt that there was at least $100,000 between the two properties in terms of improvements. However, what I underestimated were three factors;<\/p>\n

    \n
  1. The inherent value in the large block of land<\/li>\n
  2. The pace of the market in the family-house category, and most of all \u2013<\/li>\n
  3. The fuel behind the Christmas rush and the lengths that some buyers were prepared to go to on this last auction day of the year.<\/li>\n<\/ol>\n

    It\u2019s difficult for buyers to predict just how aggressive the bidding could be on that last auction day \u2013 particularly when the availability of family homes in the area is sporadic and limited.<\/p><\/blockquote>\n

    To compound the scarcity issue, West Footscray is intriguing because it\u2019s a gentrifying suburb not only within a 10km distance to the CBD but it\u2019s also spoilt with two train stations (both of which have been revamped with the recent western rail link works). \"West<\/a> It\u2019s fair to say that the suburb house prices have exploded because West Footscray is a cheaper alternative to nearby Yarraville and Seddon, and it is well known for its larger house blocks and Californian Bungalow and Edwardian era houses. Families love the area and getting around is relatively easy, with Geelong Road, The Westgate Fwy and the Ring Road all pretty close by.<\/p>\n

    The evidence of this patch\u2019s gentrification is in the caf\u00e9 culture emerging on Barkly St. Many new players and great cafes\/restaurants spoil the locals, and Indian food-lovers have singled out Barkly St as home to some of Melbourne\u2019s best curry dishes<\/a>.<\/p><\/blockquote>\n

    Brother Nancy<\/a> is one of the newest additions to the Barkly St line up, and Gusto Pizzeria<\/a> and Wine Bar doesn\u2019t disappoint..Not to be forgotten, Ebi Fine Food<\/a> is a lovely take away option if you like the novelty of Japanese food in a fish and chip shop served in bento boxes. And last but not least; Pod Caf\u00e9<\/a> is a cutie caf\u00e9 offering arts and crafts too. West Footscray is an underrated mecca of new food options and dining experiences\u2026\u2026 we Yarravillians look forward to broadening our horizons!<\/p>\n","protected":false},"excerpt":{"rendered":"

    Fifty-Seven Clive St West Footscray went to auction as one of the inner-west’s last scheduled public auctions of the year. Two buyers advocates (including myself) were in attendance and overall there were more than 6 bidders. \u00a0I think the auction at 57 Clive St surprised everyone with a result of $874,000.\u00a0 This is the second… Read more »<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ngg_post_thumbnail":0,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[10],"tags":[],"class_list":["post-955","post","type-post","status-publish","format-standard","hentry","category-sundayblog"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.catebakos.com.au\/staging\/wp-json\/wp\/v2\/posts\/955","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.catebakos.com.au\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.catebakos.com.au\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.catebakos.com.au\/staging\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.catebakos.com.au\/staging\/wp-json\/wp\/v2\/comments?post=955"}],"version-history":[{"count":9,"href":"https:\/\/www.catebakos.com.au\/staging\/wp-json\/wp\/v2\/posts\/955\/revisions"}],"predecessor-version":[{"id":968,"href":"https:\/\/www.catebakos.com.au\/staging\/wp-json\/wp\/v2\/posts\/955\/revisions\/968"}],"wp:attachment":[{"href":"https:\/\/www.catebakos.com.au\/staging\/wp-json\/wp\/v2\/media?parent=955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.catebakos.com.au\/staging\/wp-json\/wp\/v2\/categories?post=955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.catebakos.com.au\/staging\/wp-json\/wp\/v2\/tags?post=955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}