THE $600,000 stamp duty-free ceiling for first-home buyers played a part in an epic Grovedale auction which pushed the sale price of a renovated 1970s home $70,000 above the reserve.
Although the Melbourne first-home buyers were ultimately unsuccessful in their chase for the three-bedrom house at 2 Tabulam Court, they pushed the bidding well past the $525,000 reserve.
Ray White, Highton agent Adam Natonewski said the house sold to a Point Cook buyer who was looking to relocate to Geelong for the lifestyle for $595,000.
Natonewski said four buyers made bids for the property in the 30-minute auction that entertained bids as low as $100.
The house was the sixth and most expensive to sell in the central Grovedale cul-de-sac in the past two years.
Mr Natonewski said the $595,000 price was the most paid for a 1970s era house in the suburb.
Grovedale’s median house price is $405,000.
The main running for the property was between the Melbourne pair, who took the auction from its $400,000 opening bid until $540,000, when another bidder briefly entered the fray.The underbidders had emailed for the contract on the house the day prior to the auction but fell at the final hurdle in their rush to buy the property, Mr Natonewski said.
The buyers were aware they stood to save thousands in stamp duty if the price remained below $600,000, he said.
“Being exempt from stamp duty was a real shot in the arm, these guys were going hard,” he said.
The house was made over after it last sold in 2012, including installing two covered outdoor entertainment areas and a backyard swimming pool.
There were 26 auctions scheduled around Geelong at the weekend. With 2 of the results in, CoreLogic put the clearance rate at 74 per cent.