8 Hearle Avenue ASPENDALE

Comments on 8 Hearle Avenue ASPENDALE

Hearle Avenue is absolute beachfront.
 
That makes Hearle an incredibly rare property in number compared to buyers who dream, seek and bid on absolute beachfront, not only anywhere in Aspendale, but anywhere in Melbourne.
 
It's also makes Hearle a more difficult home to price. Why?
 
Because everyone will have an opinion, but little to base that opinion on, other than emotion.
 
You can go the logical way – comparing apples with apples – which apples does it compare with though? The apples of Ideal at $10,000 per sqm on approximately comparable land size and saying home was worth $4million or the apples at Bowman or Nepean – radically different in other valuing minds.
 
The emotional way – what have I got to do to buy, who do I have to beat on this one and if I don’t beat them, then when is the next one and what will happen in that negotiation. You could get to $6million easily.
 
The valuers way could be land at anything around $6,000 per sqm and home at $1.5million and you pull up at $4million. Valuers don’t buy beachfront – dreamers do.
 
What will happen nobody knows – except history in Brighton, Portsea and now increasingly Aspendale and even Frankston (yes $5m sales in Frankston) show growth in interest, accelerated by Covid and not looking like easing anytime soon. That growth is not temporary – eg Brighton to Portsea – it has just been off a low base in places like Aspendale until recently.
 
So, the price will be set by your value, the sellers value and other competing buyers value and those values will be influenced by the agent implying $5million.
 
No competition says under $5million – but even during covid – there was competition over $10million and no absolute beachfront remains unsold for long. No competition is unlikely.
 
With competition we have all been educated to start at $5million, told by the agent about across the street and Ideal meaning think towards $6million and then we will see when people will stop.
 
That’s the transaction – it's a game of skill and luck – you need both to be the buyer on these types of homes.
 
So how good is Hearle compared to others – let's look at its PPP characteristics.
 
Position – see above, it's absolute beachfront – yes, it's not Bowman but 73 and 74 Nepean Hwy are to the south and they hit $10million – so position is A1.
 
Property – the building is what it is and delivers what it's meant to – views from living and master and that’s all buyers really look for. Independent building inspection couldn’t fault it on anything major and the floorplan makes sense and works for me for couples and guests and smaller families.
 
Land is great frontage – a front shared with next door for car access seems a small issue and the street to the northwest all mean that it's unlikely you will have any view impediments from neighbors in the future – so what you see is what you get.
 
On all things price, position and property this should go strongly.