Bail St, Epping, home posted for auction could beat price correction
A Bail St, Epping, house could get parole from Melbourne’s property market correctional cycle, with expectations it could prove not all homes have lost value in the past year.
The four-bedroom home at No. 36 in the misnomer street that’s actually a “ripper” location, is being sold less than a year after it last changed hands for $680,000 in August, 2018 — the peak of the market for the northern suburb.
Harcourts Rata & Co’s Justin Sciolla said despite prices in the area falling ever since the sale, expectations of strong competition could push it past its $600,000-$660,000 price guide.
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“The buyer groups coming through suggest it could sell for more,” Mr Sciolla said.
“It’s had 50 inspections and 12 contracts have been requested. Buyers have really taken to it.”
Part of the attraction was, ironically, the street and the home’s corner block.
“It’s a ripper street, you have got parks and the home sits up high,” Mr Sciolla said.
A mix of families and investors are expected to compete for the keys on Saturday at 12.30pm.
And CoreLogic records hint it could attract some bidding.
Last weekend Melbourne’s north east, which includes Epping, was the city’s most successful auction region. It recorded a 76.2 per cent clearance rate, far above the 67.5 per cent figure recorded across the entire city.
CoreLogic auction analyst Kevin Brogan said this weekend’s 480 scheduled auctions, a slight rise from the 410 held last week, was an early step in the winter market’s thawing process.
He said with school holidays now over, and sellers thinking weather will begin to improve with spring now just over a four-week auction campaign away, numbers were likely to rise in the coming weeks.
“People are having a think about when to sell, and there’s a lot of encouragement in the figures that are coming forward,” Mr Brogan said.
“But spring is when we will see that traditional increase in activity.”
Meanwhile buyers angling for a warehouse conversion opportunity are expected to drop a line for 70 Pentland Pde, Yarraville.
Hocking Stuart Yarraville’s Fernando Costa said the former Footscray & District Angling Club was likely to get a few bites inside its $790,000-$820,000 price guide.
“It’s people who want a warehouse conversion and are looking to buy a shell and convert it to something spectacular inside,” Mr Costa said.
“A few shop fronts in the street have had that done, and there are some really good renovations.”
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It also goes under the hammer on Saturday at 12.30pm.