Geelong West home sells $200k above reserve at hot auction

The four-bedroom house at 136 Autumn St, Geelong West, sold for $1.51m at auction.

A three-way auction ended $200,000 above the reserve for a renovated character house with a modern extension in Geelong West.

The four-bedroom residence at 136 Autumn St sold for $1.51m at Saturday’s auction after the bidders, mainly young families, contested the 519sq m property near Pakington St.

McGrath, Geelong director Jim Cross said the successful bidders were relocating to Geelong, having acquiring a business locally.

RELATED: Banks slash rates after RBA call

East Geelong house nets $180k gain in quick sale

Work starts $10m Highton ‘frog hollow’ project

But a host of young families were keen to secure the double-fronted Victorian residence with a modern extension and backyard pool, Mr Cross said.

“It’s probably a sign the market is starting to improve, but also a reflection of the property that was presented beautifully by the owners who gave it every opportunity to achieve a great price,” Mr Cross said.

Bidding started at $1.28m – the bottom of the $1.28m to $1.32m guide.

The last two bidders in the auction added $100,000 to the price, Mr Cross said.

The modern rear extension overlooks a backyard pool.

The house presented with a quintessential white picket fence and landscaped gardens, while blending period elegance with modern family living.

Features included leadlight windows, Tasmanian oak floorboards and original fireplaces in the original footprint of the house, containing two bedrooms, including the main suite with an ensuite.

The modern extension offered spacious open living with expansive north-facing windows looking out to an in-ground swimming pool and leafy garden.

The gourmet kitchen featured a long island bench, Smeg, Bosch and Siemens appliances and abundant storage, while a second potential main bedroom or teenage retreat upstairs has its own ensuite and walk-in wardrobe.

The contemporary living space has a gourmet kitchen and high ceiling.

The updated bathroom features an in-situ frameless shower.

Mr Cross said the strong interest in the property was a positive sign for an improving market in Geelong.

Geelong West’s $813,000 median house price is 7.6 per cent below what it was 12 months ago, reflecting the patchy nature of the property market.

But Mr Cross said an interest-rate cut could create the perfect storm for a strong spring selling market if it brings more people to list their properties for sale.

“What we’re seeing in the market at the moment is it’s still patchy but we are seeing signs of improvement in increased buyer inquiry numbers and people through open homes and inspections, and an increased number of genuine buyers in the marketplace on specific properties,” Mr Cross said.

Character features such as high ceilings and open fireplaces are retained in the home’s original footprint.

While the lavish extension includes a second ‘main’ bedroom overlooking the rear living zone..

“My gut feeling is that once we get another rate cut, that we will start to see those increased numbers fill out throughout the majority of the market.”

Mr Cross said the auction wasn’t timed around the rate cut but because the vendors had bought another property.

“I think if we see a rate cut today, that will definitely spur our market on because you feel that market is through the bottom.

“You feel the market improving, but that it’s gradual.

I think we’ll also see an influx of listings coming to market, because there’s vendors that have been in a position where they don’t need to sell, from a timing point of view, that have been holding off for an improved market.”

The post Geelong West home sells $200k above reserve at hot auction appeared first on realestate.com.au.