Auction revolution

THERE’S nothing about the nondescript pink-brick facade of this Tait Place, Coolbellup home to suggest it could revolutionise auctions in WA.

Built in the late 1980s the four-bedroom/one-bathroom, abode, sitting on 825sqm, is neat and well presented inside and out (with some very attractive mature trees), but it wouldn’t win any awards.

However, interest has been high from keen first home owners, investors, and those in between.

In the usual auction market it’s the cashed up investors who have the edge, Port City Real Estate agent Darren Spencer says: “This idea will let everyone have a crack.”

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Along with colleague and auctioneer Troy Holloway he’s doing away with the usual clause for bidders to already have money in the bank on the day.

Instead they’ll simply need a letter from their bank, or financial institution, stating they are eligible to borrow the funds to cover their bid.

A “subject to finance clause” means bidders have the assurance that if their application is rejected they’re not on the hook for the property.

Letters from the bank will have to be presented to the agency/auctioneer prior to the auction, “[and] if bidding goes too high they will have to pull out,” Mr Spencer says.

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Located at the end of a cul-de-sac the home offers a number of options for new owners from simply moving in to renting and waiting for the City of Cockburn’s town planning scheme amendment which will allow subdivision for two dwellings (subject to council approval).

The amendment is in the city’s draft Coolbellup revitalisation strategy, part of a bigger picture that has seen Cockburn moving well beyond its market garden beginnings with massive development around Cockburn Central and to the south.

Coolbellup has been swept up in the euphoria, with streetscapes enhanced, parks tarted up, former State Housing homes and flats revamped, and big plans to transform the daggy Coolbellup shopping centre.


15 Tait Place, Coolbellup
auction on site May 23, 1pm
Darren Spencer 0412 643 663
Port City Real Estate 9431 9200

25. Malcolm Ogilby Builder 19x2 25. Ray White Cockburn 10x3 25. REIWA 20x3.5 25. Ross & Galloway 20x7

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