Five-way auction for Belmont reno that has buyers seeing stars

The three-bedroom house at 11 Perth St, Belmont, sold for $765,000 at auction.

First-time buyers weren’t the only people with stars in their eyes as an updated three-bedroom Belmont home was offered at auction.

Downsizers and investors had also sized up the stylish brick veneer house before it was offered with $660,000 to $720,000 price guide.

The 420sq m property sold for $765,000 amid competition between five bidders, Jellis Craig Geelong agent Jeff Begg said.

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That five bidders raised a hand at auction is much testament to the quality of the property as the state of the market, Mr Begg said.

“Things have turned around in different portions of the market, but auctions are travelling well and we’ve had some really strong results,” he said.

“I think the renovation was very much in vogue and the attention to detail, with the presentation and styling, was what bought the buyers in.

“We had over 120 groups inspect the property for the course of the campaign.

Inside the three-bedroom house at 11 Perth St, Belmont.

Even the dining room offers striking features.

“We had a mixture of first-home buyers, there were downsizers and also investment buyers too, because interstate investors see value in that spot because, location-wise, it’s undervalued in my opinion.”

The three-bedroom house is a short distance from High St via Roslyn Rd where it presents as a lifestyle property.

On show are period features such Art Deco ceiling roses, while the freshly-painted exterior elevated the property.

“The first-home buyers had stars in their eyes, but there was five bidders there and it sold to a young couple that is moving in from Torquay,” Mr Begg said.

The open kitchen connects to a sunroom and dining room.

The elevated timber deck adds an entertainment space outdoors.

The depth of interest was encouraging and several other potential bidders didn’t have the opportunity to put their hand in the air because it took off and really went quickly, Mr Begg said.

“There’s confidence in the market now for buyers to actually compete at auction, because they know that if they want to buy it, they’re going to miss out.

“So it’s induced urgency and the activity is there. It’s probably in the price point that’s the busiest we’ve seen since Covid.”

The third cut to interest rates has cemented buyer activity.

“First-home buyers can confidently buy now because they know what they can borrow isn’t going to become more expensive,” Mr Begg said.

“From an investor perspective too, they know they can set up their portfolio appropriately and it’s not going to change.”

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