Belmont home sells for $75,000 premium in weeknight auction

The three-bedroom house at 8 Oxford St, Belmont, sold for $860,000.

A young couple moving in from the coast has outlasted the noise of Geelong’s bubbling property market by paying a $75,000 premium for a move-in ready Belmont home.

The three-bedroom house at 8 Oxford St sold for $860,000 at the weeknight auction that underscored the potential for the growing interest in the affordable brackets in the property market.

Buxton Highton agent David Gray brought forward the auction as multiple groups clambered to make early offers for the 569sq m property.

RELATED: Five-year renovation revives 1873 Newtown mansion

Geelong risks $500k median block price as home approvals slump

Cats coach lists $3m luxury home

The property was due to go to auction this weekend.

The early interest also sparked a quick rethink on the price guide, which Mr Gray increased from $650,000 to $700,000, to a single price of $785,000.

Mr Gray said three parties participated in the weeknight auction, with a buyers advocate pushing the eventual buyers $75,000 above the reserve price.

High ceilings, decorative cornice and picture rails feature in the home.

The rooms have polished timber floorboards.

“It was not a tricky campaign, just a really interesting one and probably speaks to the market particularly in that $600,000 to $800,000 bracket, more so in this suburbs like Belmont, Highton, Grovedale and probably across town in Herne Hill and Hamlyn Heights,” he said.

“We had some pretty good interest from four or five people, with a couple of people making offers and someone expressed interested towards that mid-to-high $700,000 range.”

Mr Gray said the midweek auction still gave bidders time to organise building checks and due diligence.

“Five bidders showed up on the day and three got involved, hence the $860,000 price point.”

Mr Gray said there was a couple of advocates in the crowd, reflecting the move of interstate property investors to the region, but the Torquay couple also already missed out on another home and were keen to purchase.

The small galley kitchen.

A covered veranda looks back to the deep back yard.

“They’ll look to move in and make some changes over time,” he said.

The property is in a sought-after pocket in Belmont, south of Roslyn Rd at the top end of the High St shopping centre.

The original house is presented ready to move in, with neutral interiors, polished timber floors and ornate cornice and picture rails.

The deep block offers new owners the opportunity to potentially extend down the track.

The property was last sold in 2001 for $116,500.

Belmont’s $690,000 median house price has risen 4.7 per cent in the past three months to sit at the same level it was this time last year, according to PropTrack.

The post Belmont home sells for $75,000 premium in weeknight auction appeared first on realestate.com.au.