Plenty of bent arms tipped for Axedale Tavern auction near Bendigo
In a tough auction market there are few better ways to get a crowd willing to bend their arms than to sell a pub.
And while punters are more likely to be holding a glass than a cheque book, there’s still a chance for some spirited bidding as the Axedale Tavern goes under the hammer this weekend.
The country pub at 105 High St, Axedale, outside of Bendigo, has pulled plenty of interest, according to Ronald Young and Company agent Peter Moore.
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Several buyers have arranged full inspections and eight contracts of sale have been sent out to punters so far, but he’s tipped there are more who have only shared their plans with the bottom of a glass.
“With a pub, a lot of the inspections are done blind,” Mr Moore said.
“They just turn up and have a drink.”
The pub, which is “doing good numbers throughout the week” has attracted buyers keen to find a well-established business they could continue on with.
“There’s been a couple who have indicated that they, in the past, wanted to own it,” Mr Moore said.
Dating back to 1885, the pub has been wetting whistles since it was a Cobb & Co stop over between Melbourne and Bendigo.
“And it’s still got the charm of the country pub,” Mr Moore said.
“It still very much has the colonial Cobb & Co feel.”
A coffee shop, dining area, beer garden and two bars are part of the hotel.
The original stables are still out the back, and would lend themselves to a renovation.
Mr Moore is working in conjunction with Max Brown Real Estate Group’s Kym Stinton for the auction at noon tomorrow.
Back in town, Melbourne is expected to host 847 auctions this week.
A two-bedroom apartment at 4/537 Orrong Rd, Armadale, with an architectural and style edge is tipped to win over bidders.
Celebrated architect Stuart Hall designed the Jazz Moderne-style building in the 1930s, and it later featured in a 1940s edition of Home Beautiful magazine.
Homewares and furniture store operator Lucy Glade-Wright is selling the home she has lived in for close to a decade.
The Hunting for George co-founder’s style-sense has helped lure in a sizeable crowd leading up to the auction date, according to Hocking Stuart’s Lauchlan Waterfield.
“We’ve had close to 100 groups through,” Mr Waterfield said.
“Most others (properties) are 40-50 groups, so it’s more than double.”
The “character of the architecture” and the location are also expected to encourage bidding.
CoreLogic records show last weekend’s clearance rate landed at 49.2 per cent — revised down after initially being reported above 50 per cent.
It’s the first time the figure has dropped below 50 in a month, but was likely to prove a blip driven by the low number of auctions, with just 216 held across the city.
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“I’m certainly not reading too much into the clearance rate from the week just gone,” said CoreLogic Australian head of real estate Geoff White.
“I think it will hold above the 50 per cent mark (this week).”