A once-blue-collar industrial suburb has hit rich new real estate heights.
The property price record in Spotswood was broken at auction on Saturday, for the second time in a month.
The record of $1,456,000 is enough to make old sons of the west, who would remember the era before local drinking holes were trendy gastro pubs, choke on their ale.
The opening bid of $1.4 million for 40 Reed Street instantly put the property $500,000 above the suburb’s previous record. Two bidders were eager to win the keys to the California bungalow, which had a glossy renovation in 2008 and sits on a generous 600-square-metre block.
Biggin & Scott auctioneer Tristan Tomasino said prices in Spotswood had been propelled by purchasers who could not afford nearby Yarraville and Seddon.
The large size of the blocks in Spotswood also contributed to the premiums paid, he said.
Spotswood’s previous record didn’t hold for long. It was set by the sale of another California bungalow, which fetched $1.35 million on April 9.
A young couple won the keys at auction and celebrated with a kiss as the hammer fell on 31 Bolton Street.
The Spotswood house had been extensively renovated and is in the shadow of the West Gate Bridge, providing – at times – speedy access to the CBD.
A flourishing cafe scene and the proximity to the city are driving prices in Spotswood, agent Craig Stephens said.
By Emily Power, Domain
