Real Estate

Double-storey street art catches eyes ahead of auction

Written by The ReReport
As seen in the Source link, written by on 2018-12-14 11:00:41

A double-storey piece of street art could prove the difference between painting the town in celebration and an unsuccessful end to hammer time for a Collingwood warehouse.

The already impressive warehouse conversion at 54 Sydney St comes with a sprawling Pinocchio mural on the back wall.

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And the unique feature has been among the elements luring prospective buyers, according to Nelson Alexander’s Cameron Ingram.

“There’s some street art on the Hoddle St side and that’s brought in a lot of attention, a few people have noticed that and wanted to come and have a look,” Mr Ingram said.

“It’s been reasonably positive considering the market conditions and it’s caught a lot of people’s eyes.”

A $1.275-$1.4 million asking price has been set for the three-bedroom home going under the hammer at 10.30am on Saturday, December 15.

The incentive to buy might go beyond what the home offers itself, with this weekend the last significant auction weekend in 2018.

Mr Ingram said the looming end of the year had encouraged a number of deals in the past few days.

“We are finding that we are starting to put a few deals together with buyers and also vendors saying they don’t know what next year will bring, and happier to consider what’s on the table now,” he said.

“This weekend and early next week I think we will see some stock clearing, but then that’s the year done.”

Meanwhile, in the heart of Melbourne’s CBD a four-storey, four-bedroom house with a $2-$2.2 million asking price goes under the hammer at 11.30am.

It had been 18 months since a home similar to 28 McLean Alley, Melbourne had hit the market, according to Galldon Real Estate’s Don Gallicchio.

“It’s definitely difficult finding something that comes without any owner’s corporation fees,” Mr Gallicchio said.

“There are a few in the little laneways, but they don’t come up often. There’s nothing comparable in the market now, nor has there been in the past 18 months or so.”

He said a handful of prospective buyers, ranging from those keen to work from home to empty nesters, had shown interest in the rare offering.

Carparking, a terrace outside and the CBD address were the key aspects drawing them in.

CoreLogic Australian head of real estate Geoff White said Saturday was likely to result in a clearance rate in the low 40 per cent range, as had been the case for Melbourne since mid November.

“Usually when the market is quite buoyant there’s more of a sense of urgency from buyers to buy ahead of hoeing into the Christmas turkey,” Mr White said.

“It’s the last hurrah, and there’s opportunities there.

“But I don’t think, given the way the market is going, that is going to be the case this weekend.”