Eleven buyers join auction action as South Geelong home smashes reserve by $90K
ELEVEN buyers raised a hand for a three-bedroom South Geelong house as the property beat its auction reserve price by $90,000 on Saturday.
A crowd of about 120 people witnessed the incredible auction at 190 Swanston St, where the property eventually sold for $710,000.
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Buxton, East Geelong agent Jarrod Leonard described the $500,000 opening bid as ambitious but ended up surprised by the amount of competition for the home, diagonally opposite South Geelong’s Little Creatures Brewery.
Most of the interest in the property came from young professionals.
It was among a clutch of homes offered at auction on Geelong’s eastern fringe all in proximity to the city and South Geelong train station.
The house had undergone a complete makeover inside, with bifolding doors connecting the open-plan kitchen, dining and living room to a deck with a concrete outdoor table and built-in barbecue ensemble.
However, the eventual buyer was an investor who emerged late in the auction.
The real bidding started a $550,000 with six buyers placing bids before the property was called on the market at $620,000.
But more emerged from the crowd, with the number of buyers reaching 10 as the price hit $680,000.
The final bidder entered as the price passed $700,000.
“We had over 100 people through in three weeks which was incredible but we didn’t expect anywhere near that level of bidding,” Mr Leonard said.
“It probably shows that good quality homes in whatever market goes well,” he said.
Mr Leonard said the majority of buyers were young professionals.
“They’re lifestyle properties, people want them because they’re really well done and they have the ability to spend the weekend away and not worry about the property.
“The same with the investor — it’s just a set and forget property. He’s not worrying about the lawns are doing in the back. Someone comes here — we rented it out to hospital workers previously — he gets good capital growth, a good rental return.”
South Geelong’s median house price hit $650,000 this year, but just 19 houses have been traded in the past 12 months, so tightly held is the market.