First-time buyers’ surprise at landing Geelong West home

The three-bedroom house at 180 Aberdeen St, Geelong West, sold at auction.

A mid-campaign adjustment to the price expectations of a Geelong West house saw three bidders re-engage with the property at the auction.

The three-bedroom weatherboard residence at 180 Aberdeen St sold for $658,000 at Saturday’s auction after three groups contested the property.

Gartland Geelong agent Will Ainsworth said the eventual buyers revealed they hadn’t intended to compete for the 388sq m property near Shannon Ave, but found themselves holding the contract after auction.

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“We ended up selling to a couple from Melbourne who came down with little intention of bidding, so they were quite surprised when they ended up with the contract and champagne,” Mr Ainsworth said.

“They were interested in the property that they’d been through the week prior, but they came down with the intentions of not necessarily bidding but seeing how it went.

“They kind of got sucked in to the process and before you knew it they were competing with another buyer.”

Mr Ainsworth said each party was first-time buyers, though the purchasers final plans for the property aren’t known.

“I guess they bought it thinking it’s a good proposition and not matter what they use it for, it’s going to be good value and a good property for then over time,” Mr Ainsworth said.

The three-bedroom house features high ceilings and an original fireplace.

The kitchen was “ready for transformation”.

The house had substantial windows overlooking the front garden.

At $658,000, Mr Ainsworth said the property presented good at about $160,000 below Geelong West’s median house price.

“Immediately across the road is Newtown where the median price is $1.1m, so you’re buying under the median house price 50m away from a blue-chip Newtown of a $1.1m median house price,” he said.

Mr Ainsworth said the property was initially listed at a higher price guide

“We just weren’t getting a lot of connection with buyers, so we did actually drop it down a bit.

“Funnily enough the people that bid had all seen it prior with the higher price range but then re-engaged based on the drop.

“It’s a matter of dealing with the market you’re in and if the buyers’ aren’t engaging, then it’s usually the price expectations. If you lower it a bit, then they jump back in.”

The property was marketed as an opportunity in a blue-chip location for renovators, investors or to create a dream home.

The house offered high ceilings with decorative cornices and picture rails, along with an open fireplace in the front living room.

The separate kitchen was ready for a transformation, while the three bedrooms were fitted with built-in wardrobes.

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