Chat with us, powered by LiveChatTwo new price records set within 90 minutes in the one Rosebud street!

Two new price records set within 90 minutes in the one Rosebud street!

High demand and shortages on quality stock in coastal suburb

Two hotly contested auctions on Rosebud’s Second Avenue set new street records within 90 minutes.

A beautifully renovated, Hampton’s-style property at 80 Second Avenue went under the hammer at 11am on May 1. It was listed for sale with a price guide of $690,000-$750,000 and drew multiple bidders prepared to spend what was needed to win the home.

The property went to a couple from Melbourne who purchased it for $872,000 as a holiday house, setting a new street record. The previous record was set by 123 Second Avenue, which sold for $727,000 in early March.

Just 90 minutes later and three houses down the road, 70-72 Second Avenue set another new street record, selling for $1 million, significantly above what was anticipated. The unrenovated property, perched on 780sq m, attracted 15 registered bidders with five battling it out on the day.

In March, it was announced that the Rosebud median house rose 6.4 per cent from $645,000 to $686,000 in just three months - an annual change of 11 per cent.

Demand for coastal suburbs is at an all-time high, according to Barry Plant Rosebud auctioneer Paul Cunnington.

“It’s challenging for us to provide accurate selling prices, as week on week things are changing and auctions are going well above reserve,” he said.

An unrenovated, four-bedroom house at 10 Rosebud Avenue, Rosebud fell under the hammer on May 8 for $795,000 to a young family.

The property pulled five bidders, two of which inspected the property for the first time that day. The competitive auction surpassed the reserve on the opening bid of $720,000, and within 15 bids and three strikes of the hammer, it was pronounced sold.

Mr Cunnington said there is not one property type sought-after at the moment, suggesting “everything is in demand”.

“Rosebud has such a varying style of properties, from apartments to sprawling estates,” he said.

“This means our suburb appeals to a large buyer demographic, though we still have a distinct shortage of quality properties for sale.”

Many people are relocating to the peninsula from Melbourne, according to Mr Cunnington, while another demographic of buyers is cashing in on low interest rates.

“Investors are looking to secure their own slice of the peninsula with interest rates being so low and seeing so much potential growth in the suburb,” he said.

With limited stock on the market and increased competition, agents are pushing for sale by auction to guarantee their sellers the best price.

“Almost every buyer is asking if the sellers will accept an offer prior to auction,” he said.

“Most sellers will choose to go to auction, based on the results we’ve had in the past few months, prices are pushing well in excess of the price range.”

Pre-COVID, the average campaign through Barry Plant Rosebud would expect five to 10 groups through each home inspection.

“With limited properties for sale, we are seeing demand surging and averaging about 20 groups through each open house,” Mr Cunnington said.

190 Eastbourne Road, Rosebud will go to auction on Saturday, May 15.