Real Estate

beach and creekside frankston home draws top result despite falling auction clearance rate

Written by The ReReport

A BEACHSIDE home with century-old origins has fetched a street price record in an exclusive Frankston pocket despite a lacklustre auction.
The 11 Palm Court property in the Long Island precinct is one of the area’s original homes dating to 1910-1915 and has new owners who paid $1.4 million.
The updated three-bedroom home with beach and creek views had a price guide of $1.33-$1.45 million ahead of its November 3 auction.

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Peninsula’s top end powers on in spring

The landscaped garden and backyard are ideal for outdoor entertaining.

11 Palm Court FrankstonCharming views of the creek from the garden.

It was passed in but sold immediately to an Elsternwick couple. The result matched the street record fetched by house No. 12 last year, sales records show.
The Frankston region’s clearance rate has fallen sharply in recent months as bidders stayed away, preferring to negotiate post-auction deals.
The Frankston region had a 36 per cent clearance for the week ending November 4, CoreLogic data shows.
Four out of 11 properties sold at auction, with six passed in and one withdrawn.
The previous week’s clearance rate was just 26 per cent from 15 auctions,
“The market has changed but some homes are still fetching strong prices,” Hocking Stuart Frankston agent Paul Gilderdale said.

11 Palm Court FrankstonThe home captures serene outdoor views.

The spacious kitchen, dining and family area.

While the Palm Ct home had plenty of interest, only one bidder came forward on the day.
The house offers charm, character and views to the beach, and sold within the price range, Mr Gilderdale said.
While prices in some Frankston areas had declined, homes in Long Island, which were tightly held, kept their values, he added.
“It is an exclusive pocket and buyers here make a lifestyle choice,” Mr Gilderdale said.
The immaculately presented home on the corner of Gould St and Palm Ct is a stroll to the train station, shops and restaurants.

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