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302/390 Little Collins Street, Melbourne
Another fantastic result for our Heritage property owners!
From the moment, I walked into 302/390 Little Collins Street, I knew I had a very special listing to present to the market. My Vendors were already on track with how to present the property to the market but listened to my advice and followed it to a tee.
I showed them some recent Heritage results and told them I’d like us to chase $10,000 per m2 and that I felt their property had the attributes to deliver that result.
The property was 71m2 internally, hence we were chasing $710,000. Our advertised range was $680,000 to $720,000 based on other recent sales of similar listings but made it clear to all attending it was likely to touch $700,000.
Some buyers challenged my range telling me it was too high. I knew that there were many buyers in the market who felt the same way about Heritage properties as my sales team and I do and that we were very likely to achieve our goal of $710,000.
We had almost 80 groups through the property over the 4-week auction campaign. Multiple 2nd & 3rd Inspections and we even had several parties back for 4th inspections.
Auction day saw a great turn out. Amongst the crowd I counted around 14 groups, that in my opinion, had the interest and capacity to be our eventual buyer.
There was no holding back once the bidding started, an assertive opening bid of $725,000 was above the top end of our quoted range and well above our reserve price and told everyone present they meant business.
The bidding did not stop there, it was hotly contested by 3 bidders, all gents who knew the value of Heritage property and the special features and position of this one had them fighting hard.
Had we not received another bid, after the opening bid, we had achieved our goal of $10,000 per m2 with no car park. An eventual sale price of $820,000 set a new benchmark for Melbourne Heritage listings at $11,549m2.
Anyone attending our Heritage auctions will always hear me say “Heritage holds value” this result is further evidence of that.
You may have also heard me say, “Of all the property our sales team own, we don’t own a modern apartment between us, they are all Heritage”.
There is a very good reason for that.
If you would like further information on this sale or any other Warehouse, Heritage or Unique properties throughout Melbourne’s inner city, please feel free to contact me or one of my senior sales agents.
Dionne Wilson – Director/Auctioneer, Harcourts Melbourne City – 03 9664 8100
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