![56 Cowper St, Footscray - For Herald Sun Estate](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
56 Cowper Street, Footscray, was sold following three bidders.
A Footscray couple who renovated their two-bedroom terrace and added a swimming pool to their backyard yesterday toasted a successful auction despite a change in the fortunes of the auction market.
A group of three first home buyers sold the home for $1.175 million, well above the “realistic” price set by owners Shane and Darian, from an opening offer of $1.05 million.
The house at 56 Cowper Street is scheduled for a fast-track settlement with a 30-day deadline, with buyers expected to receive the keys in time for Christmas.
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The owners had been closely monitoring the market for potential competition for the sale, but a similarly styled property that had been scheduled to be auctioned at the same time as the owners' property in nearby Seddon sold on Friday. I was relieved.
Yesterday, after excitedly hearing that this house had topped the reserve, the pair celebrated while sipping bubbles in the backyard and said they've spent a lot of time on this house since Shane bought it in 2012. I thought about all the hard work.
“Buyers are now getting a nice little house,” he said.
An impressive extension at the rear gave the house a modern feel.
Adding a pool to the backyard also contributed to sales promotion.
He said he was glad they went ahead with the sale, but that the unusual decision to add a pool in the backyard during renovations with a future sale in mind probably made the home more attractive at a time when the vendor also needed an edge. He said that it may have played a role in making it stand out. This is to deeply understand the market.
“It's important to be realistic about what the market is saying in terms of where people can stretch themselves,” Shane said. “The interest rate situation is clearly not ideal and they (sellers) should not think this is a hot market.”
Buxton Inner West director Tristan Tomasino said the results stood out in a week where other sales were struggling.
The house still has its signature elements, from the polished planks to the arches in the hall.
The renovation was completed with the concept of one-day sales.
“Several other auctions have been withdrawn or given away,” Tomasino said. “So a high-quality home that has been fully renovated is still working very well.”
He added that all bidders were first home buyers.
But he pointed out that the auction had lost a fourth bidder on Friday when the auctioneer decided to bid on a similar house in the neighboring, but slightly more desirable, suburb of Seddon, which had not been renovated.
“There is definitely an impact from the rate hike,” Tomasino said.
“And with interest rates likely to rise in February, many buyers looking to relocate before Christmas will want to wait and see what happens.”
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