Miles off and rac­ing

Sunday Herald Sun - - Real Estate -

THE home of long-time Melbourne Cup race caller Greg Miles gal­loped $210,000 past its re­serve yes­ter­day.

The five-bed­room house at 51 Cole St, Wil­liamstown, set a strong start to the sum­mer prop­erty mar­ket.

Sweeney Es­tate Agents di­rec­tor Wayne Sweeney (pic­tured in­set) started the auc­tion with a call for a twohorse race — ask­ing for a Winx or a Makybe Diva to lead the pack — and that’s what he got.

Two bid­ders quickly broke free of the pack, leav­ing one be­hind and two in the bar­ri­ers with the bid­ding ris­ing so fast they were out of the race be­fore they’d even started.

In front of a crowd of close to 100 the home thun­dered past its $2.5 mil­lion re­serve, the top of its pre-auc­tion ad­ver­tised range, and kept go­ing un­til it reached $2.71 mil­lion.

Mr Sweeney said he’d had an inkling the auc­tion could be set to bolt, with some re­cent strong re­sults in the area.

“Qual­ity lo­ca­tion never changes, no mat­ter the mar­ket — good or bad,” Mr Sweeney said.

“We had one re­cently that had a sim­i­lar re­sult and you just know which ones are go­ing to rock and roll — and this one cer­tainly rocked and rolled.”

And while Miles is used to mak­ing the call for the race that stops a na­tion, for the race that stopped his neigh­bour­hood he was more than happy to leave it to a pro­fes­sional.

The re­sult also showed while the mar­ket had been reined in over the past few months there was still some life in it.

“Th “The mar­ket k is i a bi bit fl flat at the mo­ment, but we were hop­ing a home like this would cut through the doom and gloom,” Miles said.

Af­ter 20 years at the house, he and his part­ner are down­siz­ing.

“This is a five-bed­room house and that’s too big for us,” he said.

The pair has bought an apart­ment off the plan with views to the bay on the south side of Wil­liamstown and will move there soon.

The buyer was a lo­cal look­ing to up­grade and had ap­pre­ci­ated the lo­ca­tion and qual­ity of the prop­erty, Mr Sweeney said. A QUAINT Surrey Hills shop fro front with an im­pres­sive home ex­ten­sion had no buyers will­ing to bid at its auc­tion yes­ter­day.

How­ever, a $1.21 mil­lion sale was notched af­ter two par­ties en­tered into post-auc­tion ne­go­ti­a­tions for the fourbed­room of­fer­ing.

An im­pres­sive fig­ure com­pared to the $27,000 the ven­dors paid for the prop­erty at 224 Mont Al­bert Rd in 1977, ac­cord­ing to CoreLogic data.

A crowd of 40 gath­ered in front of the prop­erty, one of only three 1910 shop fronts that re­main on the leafy street.

The Agency auc­tion­eer Peter Kakos called for the first bid of sum­mer for the “work from home” pad.

“A lit­tle bit of TLC and you’ll get this prop­erty ac­com­pa­ny­ing Melbourne’s finest,” Mr Kakos said.

A young cou­ple who plan to up­date the home and one day use the shop won the keys.

Ven­dors Peter and Glenda Smith pur­chased the prop­erty to house their an­tiques store in the ’70s. The sale was a poignant mo­ment for the Smith fam­ily who were sell­ing due to Glenda’s early-on­set Alzheimer’s.

“We are sell­ing to pay for nurs­ing home fees and start the next step for my dad,” daugh­ter Re­becca Peachey said.

“We have lots of fond mem­o­ries there; it’s been a well-loved home.”

Re­tired Melbourne Cup race caller Greg Miles has sold. Pic­tures: JAKE NOWAKOWSKI

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