What Makes Viewbank Special?

By Cate Bakos on 6 Aug 2013
3 Comments

18 Meyrick Crescent Viewbank

Source: The Homepage

Last week I met a lovely new client who tracked me down to get an opinion on what sort of price this property could go for, and how he could engage my services to buy it for the right price.

Viewbank?” I hear people ask… Yes, that little patch between Rosanna, Templestowe and Lower Plenty.

What makes it special? A lot of things, but a special property isn’t just based on the suburb – it is about the street, the aspect and the property itself.

The Auction Warm Up

This particular house was just as Brad (auctioneer at Miles Real Estate) described it. He recollected the times he’d driven past this 60s designed one-off and did his best to spread his own enthusiasm throughout the crowd with a fantastic pre-auction spiel.

We all gathered out the front along Meyrick Crescent; some jittery bidders showing their nerves while others leaned casually against the retaining wall of Price Park. I conceded to myself that whatever my clients’ attraction to this property had been based on, this house really was quite special.

We had our pre-auction meeting in the Rosanna village at a cute little cafe-bar called Jillian’s.

The service was friendly and unobtrusive and it gave us a great opportunity to put our auction strategy in place. The property was just a four minute drive further along Lower Plenty Road, so I could appreciate just how ‘village-y’ the area must feel for the locals.

Viewbank Growth Chart

Source: Pricefinder

What Made the Property Perfect

My car wound up the hill through the residential streets and once I pulled up outside the property, I could take in the elevation and the outlook.

Pretty, rustic streets and quiet suburban homes became the backdrop for our auction scene and with Price Park right out the front, I wondered how this little location could stay under the radar.

The house boasted a fabulous 60s design and was essentially unrenovated, but ripe and waiting for its new owners to add their own touch of magic.

I couldn’t decide if the drawcard was the style of the home, the massive 939sqm allotment, the light-filled, north facing design, or the leafy park across the road.

How The Auction Kicked Off

Bidding was kicked off by one eager buyer. His folded arms, step to step pacing, awkward stance and dark glasses on such a gloomy day gave his position away – and I was not shocked when he threw in the first bid at $580K, towards the base of the quoted range.

Bidding was fast and furious in ten thousand dollar increments, flying past the reserve at $650,000 and pushed along by an eager Brad who called out: “We will NOT be referring, ladies and gentleman, make no mistake – we are ON the market and selling…”

Meyrick Crescent Viewbank

Meyrick Crescent

The Final Result

Scooting almost twenty per cent above the vendor’s reserve, and more than 35 per cent above the base of the quoted range, I think today’s result of $775,000 surprised everyone. As disappointing as it was for my buyer, we (obviously) weren’t the winning bidders.

However, someone achieved their dream and bought an exciting adventure. The question I toyed with afterwards was – what WAS it about 18 Meyrick Crescent that enabled that emotionally-driven result?

In the end I decided it was ALL that it had to offer; the 60s style, the massive land size, the superb and well-thought-out orientation and of course, the beautiful park directly opposite… but not withstanding the buying conditions and the market timing.

Buying in winter can be hard on buyers due to reduced stock levels, but selling in winter… well, it remains an optimum time for some sellers, particularly when the property boasts scarcity appeal. Results like this are a stark reminder that timing is everything.

For more information about Viewbank, read our suburb profile here

Points of Interest in Viewbank, Postcode 3084

Viewbank College
Viewbank Primary School
Viewbank Medical Centre
Banyule City Council

About the Author

Cate Bakos is an independent buyers advocate and qualified property investment advisor and has proudly been a property investor for 17 years. Cate has a Bachelor Degree in Chemistry (Hons), Certificate 4 in Property Services (Real Estate), a Certificate 4 in Financial Services (Mortgage Broking). She is also a licensed real estate and a Qualified Property Investment Advisor accredited by Property Investment Professionals of Australia (PIPA).

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Leave a Comment3 Comments
  1. Notbuyinghere said...

    Apart from viewbank college, and beingan arms reach to rosanna and heidelberg via the heavily overcrowded rossanna rd, what infrastructure is there or is planned to be built there? It is in my opinion a suburban wasteland caught in the middle of a thriving heidelberg and plateauing lower templestowe. no rail, no decent shops, terrible roads in and out. investors avoid!

    August 06, 2013 @ 2:25 pm

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  2. peter said...

    Having lived near Viewbank a number of years a “suburban wasteland” is probably the last term i would use to describe the suburb. Yes the infrastructure is not ideal however good access to the Western Ring Road via the Greensborough Bypass and access to the Eastern Freeway is also handy now with the new extension to the Mornington Peninsula and Monash Freeway. No there is no rail and is surrounded by the very busy Greensborough Rd, Rosanna Rd. But also Waiora Rd, Heidelberg Rd which traverse Ivanhoe, Heidelberg and Alphington are extremely congested during peak hour. Certainly more needs to be done to improve the transport situation in the North East. On the plus side, Viewbank is a nice, quiet suburb that is surrounded by quality suburbs like Rosanna, Heidelberg and Lower Plenty. Has the highly rated Viebank High School and parks and the fantastic Hospital facilities of Austin and the Olivia Newton John Cancer and Wellness Centre. Perhaps Viewbank doesn’t tick all the “investment property” boxes but ask any resident and you’ll find they are happy living there. Regards, Street News

    August 13, 2013 @ 11:49 am

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  3. Cate Bakos said...

    I completely agree Peter. My clients were looking at this property as home owners and particularly liked the leafy appeal and local parklands. A criteria list for a good investment will almost always differ from someone’s personal owner occupied property wishlist. -Cate

    August 13, 2013 @ 4:51 pm

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