THERE’S been lots of talk about the property bubble bursting and the impact of higher interest rates but those factors were not evident at the auction of a three bedroom townhouse in Cowes last Saturday, April 23.
With plenty of visitors out enjoying the sunshine and ambience of a holiday weekend in Thompson Avenue, Alex Scott and Staff auctioneer Greg Price gathered a group of about 20 people around at 12 noon as 21/146 Thompson Avenue went under the hammer.
“As an old real estate agent friend of mine used to say, if you are going to buy an apartment or a townhouse, buy the one at the front of the complex or right down the back and that’s what we have here today, ladies and gentlemen, a delightful property in a prime location within the Oceanic Apartment complex,” he said.
Mr Price spoke about location, just metres to all that the Cowes’ retail area had to offer, including restaurants and cafés, supermarkets and within walking distance of the town’s famed, north-facing beach.
“I’m also pleased to say, you have a lovely group of neighbours, some of whom are with us here today.”
Mr Price said Phillip Island was “getting closer to Melbourne every day”, that it had the people and the jobs and a property like this one represented a good investment.
But if he thought the knockdown price would be in the range of $500,000 to $550,000, around the same price that the pigeon pair property had sold for over the summer, he had underestimated the interest on the day.
The bidding started at $500,000 but quickly moved to $540,000 and with two or three keen bidders firing back new offers, the property was soon “on the market” and ultimately reached the dizzying heights of $637,000 where it was knocked down to a Bass Coast local.
“Look, I think that’s a great endorsement of Bass Coast and Phillip Island and the confidence people have in the area,” Mr Price said afterwards.
“We have heard talk about the market settling back a bit and if that means the buyers’ price and the sellers’ expectations are closer together, I think that’s a good thing and we’re probably seeing a better choice of property coming on to the market now too,” Mr Price said.
But he noted that while the Thompson Avenue townhouse was bought by a local Bass Coast business owner, there was still significant interest from Melbourne where people looking to relocate to this area were getting excellent prices for their Melbourne homes.
“There’s still a lot of interest in Bass Coast generally and I think today’s result underscores that,” Mr Price said.
Set behind secure automatic gates, the two storey townhouse features three bedrooms and two bathrooms, plus a powder room all situated upstairs, with the downstairs area consisting of living, dining, and kitchen and a European laundry situated in the space under the stairs.
The master bedroom has a walk-through robe to the ensuite, while the remaining two bedrooms have built-in robes. There is internal access to the single garage and access to a private courtyard from the dining area.
The property was sold fully furnished ready to start earning income.