Front Cover: 50 Lilliput Lane, Pakenham Upper
04
FEATURED SALE
31 Charles Avenue, Hallam
06
PRICE ADJUSTMENTS DURING RENTAL ADVERTISING
24
NEW HEADSHOTS COMING SOON
25 LEASED IN FEBRUARY
Leasing Statistics For February 2024
After going under the hammer at an exciting Auction on Saturday 3rd February 2024, 31 Charles Avenue, Hallam has found its new owners.
Originally hitting the market with a price range of $680,000 to $730,000, the property embarked on a transition beginning with a private sale campaign and culminating in an auction campaign which set the stage for an eventful four weeks of showcasing the meticulously maintained family home.
“Throughout the duration of the campaign, the property attracted substantial attention, drawing in numerous potential buyers who were keen on exploring its potential,” said listing agent Zino Rebello.
“31 Charles Avenue, Hallam went to market in its original condition with a classic three bedroom layout, timber detailing and Axminster carpets, with timber flooring underneath. Although needing a little TLC the property is in
excellent condition for its age, boasting a double carport plus oversized double garage, water tanks, shedding plus more on a large 809m² allotment with the added bonus of potential for future subdivision (STCA),” Zino says.
During the Auction campaign, there were two open house inspections per week plus an array of private inspections as the property garnered significant interest from developers eyeing redevelopment opportunities and investors seeking to renovate and lease out or resell to make a profit.
On auction day, the anticipation was palpable with approximately 30 eager parties gathering to wait and see what the outcome would be. As the bidding
commenced, the initial offers aligned with the low-mid end of the price guide, setting the stage for a competitive bidding war. With a total of three enthusiastic bidders vying for ownership, the auction saw a gradual escalation in bids, surpassing the initial price range.
Ultimately, the auction culminated in a remarkable outcome, with the winning bid settling at an impressive $792,000.
This exceeded even the expectations of the property’s owner, reflecting the robust demand and competitive nature of the auction process. Surprisingly, the successful buyers turned out to be owner-occupiers, looking forward to moving in and enjoying the charms of their new home.
The successful auction of 31 Charles Avenue stands as a testament to the demand of the current property market and the effectiveness of another wellexecuted campaign by First National Real Estate Neilson Partners. It also shows the appeal of Hallam as a desirable residential location, with bigger blocks and potential for development.
There has been recent media attention surrounding the practice of adjusting the asking price of rentals after they have already been advertised. In a tight market where renters are finding it increasingly difficult to secure a property, there is significant public scrutiny and opinion regarding all aspects of the rental market.
A change in the asking price prior to the accepting of a rental application can happen for many reasons, ranging from unanticipated changes in market conditions impacting on the advertised pricing through to errors or miscommunication between estate agents and rental providers when publishing the initial price. Whilst this is not the same as rent bidding, as it is sometimes reported, it is important for agents and rental providers to recognise that it could be perceived as such and can cause reputational damage to an agency and an owner.
A city agent was recently condemned for increasing an advertised price by $50.00 per week, advising prospective renters that the change was due to ‘an overwhelming response and level of enquiry’.
Under section 30F of the Residential Tenancies Act, rental properties must be advertised at a fixed price, and RRPs and agents cannot request or solicit rental bids. That explained, RRPs and agents can accept a rental bid if it is offered unprompted by a prospective renter. (Reg 16 Estate Agents (Professional Conduct) Regulations 2018).
Rental providers and agents must only offer a property for rent at a fixed price. It is unlawful to:
• advertise a property for rent with a price range, including ‘price plus’ advertising [section 30F(1)]
• request or solicit bids for rent [section 30F(3)]
If an applicant offers more than the advertised amount the rental provider or their agent must not enter into rent-bidding, by contacting other applicants and telling them a higher amount has been offered or by asking if they are willing to offer a higher amount [section 30F(3)].
If you have further questions or concerns about rental bidding, please feel free to contact the First National Neilson Partners Property Management team who are always happy to assist.
NARRE WARREN SOUTH
2 TOOMAH STREET $515PW
3 / 2 / 2
CRANBOURNE NORTH
18 TILIA DRIVE $560PW
4 / 2 / 2
51,974
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APPLICATIONS RECEIVED
