Some moments in life are truly monumental, and for most of us the day we buy a home is a defining day.
Considering many of our dreams and aspirations are tied up in the bricks and mortar of our homes, it’s unsurprising auctions are often loaded with expectation and emotion.
The buying process is far from dull, and realestate.com.au in partnership with CUA will follow all the highs and lows of this process with this Auction Mornings series.
Meet the upsizers
Our first auction hopefuls are Steve and Cass, and their children Freya and Felix, aged two and four weeks. Moving from a two-bedroom home in Canterbury and upsizing to a bigger family home became a top priority with the arrival of Felix in July.
Keen to live in a suburb with good schools, tree-lined streets, and a family-friendly vibe, the couple set their sights on Surrey Hills, in Melbourne’s east.
Beginning their research nearly eight months ago, the pair monitored the suburb’s median price and compared recent sales to determine which houses would end up in their price range.
Selling their two bedroom unit first ensured the couple didn’t feel financially pressured. Steve and Cass also received home loan pre-approval before venturing into the market.
‘This enabled us to confidently bid at auctions knowing exactly what our budget was,’ explains Cass.
The dream home
27 Sir Garnett Road in Surrey Hills is a perfect family home in the making. Picture: realestate.com.au/sold
Set on a quiet, leafy street in a prized pocket of Surrey Hills in Melbourne, 27 Sir Garnett Road is a perfect example of a property with bags of potential.
The classic Californian bungalow has an attractive facade and it is set on a sizeable block with a north-facing backyard.
“We expect to see some steady capital growth and any improvements we make can only add to that. Financially it’s a very good move for us,” says Steve.
Steve and Cass have renovated their previous home, creating rooms that reflected their personality and passions, and it’s an experience they hope to replicate if they are successful at this auction.
“Ultimately we will create a three bedroom, two living area home, potentially with an upstairs and an outdoor entertaining area,” says Cass.
The suburb
Popular with families and home to some lovely parks, excellent schools, and decent coffee shops, Surrey Hills is a highly sought-after suburb.
“Surrey Hills is a blue chip area in Melbourne’s inner to middle ring east and currently the median house price sits at $2.11m,” says Cate Bakos, a Melbourne-based licensed real estate agent and buyers’ advocate.
“The prestigious suburb has elite local schools and beautiful homes but it lacks two things: a train station in the streets south of Canterbury Road and local pubs,” she says.
“Boasting beautiful tree-lined streets, gorgeous period homes and hefty mortgages for newcomers, Surrey Hills is not the average first home buyer’s target suburb. Houses are still tightly contested at auction but buyers are tough on properties with obvious imperfections,” Cate says.
The auction
The couple’s strategy on the day was to bid confidently and to place the first bid to show that they were serious about wanting to buy the property.
They have agreed that $1,750,000 is their top bid.
“This was definitely not our first auction, probably number 8 – 10 of which we were hoping to bid at…In addition to this, we had attended and observed a number of additional auctions for research purposes,” says Cass.
Cool as a cucumber, a confident Cass went in with a starting bid of $1,600,000.
She continued to hold her own against one other strong bidder, controlling the auction and ultimately placing the winning bid.
Summing it up perfectly in her own words: “Drop that hammer!”
The couple eventually bought the property for $1,766,000, which though over budget is under the suburb’s median price.
“I went a little bit over (our budget) but I’m thrilled that I did,” says Cassandra.
Steve, in total agreement, says: “We’re very happy, we’d have hated to have missed out on this place.”
“We were actually on our very last bid with not a dollar to throw in when the hammer dropped,” reveals Cass.
Now, with the auction done and dusted, Steve and Cass look forward to shaping 27 Sir Garnett Road into a place they’ll call home for years to come.
If you’re looking to upsize, downsize, or buy for the very first time, make a good move and speak with CUA today.
