Auction record

AN architecturally iconic Inverloch property sold for $1.95 million at auction on Saturday.

The sale of 61 The Esplanade, which attracted 500 onlookers, set a new record price for a residential home on The Esplanade.

The property had generated a huge amount of interest in the lead up to the auction, with around 600 people viewing the home across various open days, including 151 people attending on the one day.

The auction was conducted by LJ Hooker Inverloch and Burgess Rawson, Melbourne commercial agents.

LJ Hooker Inverloch director, Allan Mann, was ecstatic with the result.

“LJ Hooker’s Leighton Page, together with Burgess Rawson’s Raoul and Billy Holderhead (former Leongatha-ites), formulated one of the best marketing campaigns seen locally for a long time which resulted in a great outcome for the vendors being delivered on the day, under the hammer,” he said.

“Billy was the mastermind behind the marketing, and Leighton and Raoul were run off their feet greeting hundreds through the open homes, which included two twilight open for inspections.

“The icing on the cake was the performance of Sydney-based auctioneer, David Scholes, who engaged the crowd with fun antics while maintaining the utmost professionalism to produce a ripping result.”

Mr Scholes said they had been expecting a large crowd on the day, but what eventuated was “ridiculous”.

He joked with potential bidders, telling them the name ‘Inverloch’ was Scottish for “huge future potential growth’, much to the amusement of the crowd.

The opening bid of $1 million was humorously rejected by Mr Scholes, who asked for at least $1.7 million before an opening bid of $1.5 million was offered.

The auction continued slowly but surely, with a bidding war between two potential buyers pushing the price to $1.9 million.

With the vendors’ instruction to sell, the property looked like it would stay at $1.925 million before a new bidder from the back of the crowd made one last bid, and eventually secured the property for $1.95 million.

Mr Mann said the successful auction a sign of good things to come in the Inverloch market after a “more challenging market over the last few years”.

“We recently launched a sub-division on the eastern side of town and this office sold 20 blocks of land within less than 30 days,” he said.

“Normally that’s a sign the market is going to shift so that’s an indicator further backed up by Saturday’s result.

“I think the writing is on the wall.”

Mr Mann said it had been a “mixed bag” when it came to the types of properties selling, with a combination of both holiday and permanent residential properties across all price points.

“We’ve sold that calibre (of 61 The Esplanade), but we’ve sold those cheaper allotments,” he said.

“We’ve sold houses in the $500 and $600 thousands as well, so it’s really across the board.”


Short URL: http://thestar.com.au/?p=6087

Posted by on Jan 15 2013. Filed under Business, Featured. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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