Houses that Dreams are Made of… in Highett

On Saturday just gone I had a scheduled auction to attend in Highett, a small suburb located 16 kilometres south east of Melbourne and just two kilometres inland from beautiful Port Philip Bay.

The house… oh, the house. It suited my buyers’ checklist on every single criteria and captured their hearts on the very first visit.

A Buyer’s Paradise

With designer spaces that were cleverly thought-out to capture north sunshine, a stunning open plan kitchen, a dining area pouring out onto an entertaining deck, a glorious upstairs area for the kids and a stunning entry foyer with master suite at the front of the house, I could see exactly why they envisaged themselves living here.

The only problem was, a lot of others felt the same. Even another buyer’s advocate was identified as a potential bidder, so I knew I had my work cut out for me.

Placing an appraised value on the home was not easy, although a similarly aged and sized home had sold in the same street only months ago for $1.356 million.

“The house… oh, the house. It suited my buyers’ checklist on every single criteria and captured their hearts on the very first visit.”

Was this property superior or inferior? I felt that it held broader appeal since it was a traditional styled home with less quirks than the other.

But could that also mean that the other property achieved that price because two or more buyers fell in love with its quirks?

In order to properly compare the two houses, I needed to tap into the agent’s feedback on the level of interest and the flavour of the sales campaign from the past sale. I felt that this house would sell somewhere around $1.4 million.

Good Things Come In Small Packages

However, my buyers were reluctant to spend above $1.4 million on a house in Highett. Highett has a median house price of $760,000, while its bayside counterparts, Hampton and Sandringham, are at $1.4 million and $1.33 million respectively.

“Placing an appraised value on the home was not easy…”

These neighbouring suburbs have traditionally achieved higher sales prices and higher land values due to their proximity to the bay, their vibrant and well established villages and their longer term popularity.

Nevertheless, Highett has its own vibe. It’s a cute little village with groovy cafes (try Degani and Blue Dish), a train station for commuters on the Frankston line and enough parkland for local residents to kick the footy with their kids on the weekend.

Back to the Drawing Board

It’s little wonder Highett has become the easier alternative for aspiring buyers who want to buy into the tightly held bayside pocket.

So our game plan began. I submitted a pre-auction offer of $1.38 million, which just placed the property on the market. Knowing I had a restricted budget I tried to bring the sale to a head in the hope that I could knock out a couple of buyers who may have left their preparation to the last minute and relied on a firm auction date.

I had competing bidders at this level however, and sadly for my buyers, the property sold to another buyer for $1.41 million. We had no remorse, just disappointment.

For me now, it’s back to the drawing board and time to turn over more stones in the beautiful bayside!

For more information about Highett, read our suburb profile here.

Sales and Growth Chart - Highett

Source: Pricefinder

Points of Interest in Highett, Postcode 3190

St Agnes’ School
Waves Leisure Centre
Kingston 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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