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This modest East Geelong house sold for $115,000 above expectation at auction on Saturday.
Young homebuyers contesting their 15th auction can finally call stumps on a two-year househunt after securing an entry-level East Geelong home.
The determined couple came up against strong competition for the modest three-bedroom house, which beat price hopes by $115,000 at auction on Saturday.
They paid $665,000 to purchase 41 Loch Street ahead of three other bidders.
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The buyers loved the potential of the house.
The kitchen has timber highlights.
It was a similar story across the city as a level of buyer interest not seen in Geelong for years pushed up results and produced an auction clearance rate of 87.5 per cent.
Ray White, Geelong agent Laurie McGovan said the surprisingly high numbers through Loch Street during the campaign was testament to current demand.
About 125 groups inspected the house, with early interest prompting an adjustment of the price guide up to $550,000.
Mr McGovan said it was difficult to price properties at the moment as recent sales from last year didn’t reflect current market conditions.
“This is the biggest number that I have had through a property in a long, long time,” he said.
“For a basic home it’s probably one of the highest numbers we have ever had through.
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“You might get that for a listing in Connor Street (East Geelong), a double block where you know it was something really unique, but this was just a basic little home.”
He said it came down to two “very, very assertive” bidders who saw a chance to add value to the original Mid-Century house with Art Deco features.
The backyard has rear access and room to move.
“One of the bidders had been trying to purchase for two years and they got it,” he said.
“It might have been their 15th auction they had a go at — she was very emotional.”
The buyer is a tradie who plans to renovate the house with his partner.
He said it was a relief to finally break into the market after missing out so many times when properties regularly sold well above the quoted range.
“We always said that wanted to get into this area,” he said.
“We thought ‘we can’t let them beat us’, we are the only ones losing out if we do that.
“So we stuck with our goal and eventually we got one.”