Sellers’ earn $161k reward after turning down off-market offers

The three-bedroom house at 74 St Albans Rd, Thomson, sold for $736,000 at auction.

The financial benefits of testing the open market instead of accepting local off-market offers were laid bare for an eastern suburbs’ vendor who is more than $160,000 better off having taken a property to auction.

The three-bedroom house on an 837sq m property at 74 St Albans Rd, Thomson, sold for $736,000 at Saturday’s auction, $161,000 over the vendor’s reserve price.

Hayeswinckle East Geelong agent Matthew Roberts said locals had been looking to make an off-market deal for around $550,000 to $600,000 for the property before the homeowner sought advice and decided to list it on the market.

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Mr Roberts said the potential off-market buyers ultimately didn’t secure the property.

“We didn’t feel any price feedback prior to going to auction for two reasons – the vendors were really realistic in their price expectations and the reserve was well within the range and buyers saw value with the development potential in the fact that it was such a sizeable allotment on the fringe of East Geelong,” he said.

“We had really good interest and we just had a couple of buyers on the day that wanted it more than everybody else and they dug deep to secure it.”

A laneway surrounding two sides of the block adds to the appeal for its future multi-dwelling development potential.

Mr Roberts said the property is a prime candidate for a multi-dwelling redevelopment, with a laneway winding along the right-hand side of the block and behind it.

“There are plenty of options for redevelopment potential there for sure,” he said.

“I think long-term certainly something will happen.

Mr Roberts said homeowner would have missed out on that extra money had they accepted the earlier offers.

“You really do have to trust the process. We knew the market was starting to take off even before it was reported in the media,” he said.

The three-bedroom house at 74 St Albans Rd, Thomson, sold for $736,000 at auction.

“We’ve tried to tell people that while it looks like a good offer today but from where I stand there’s really not a lot of stock on the market at the moment.

“We could sell it for $575,000 to $600,000, but why don’t we take it auction and see where we can really sell it.

“There’s a lot of vendors out there selling stuff off market thinking all the agents have done the right thing here as he’s got a buyer for me and I’m going to sell it for easy money.”

Mr Roberts said the purchaser was buying the property within a trust.

Nearby, a three-bedroom house offered as a project to renovate at 1 St Albans St, St Albans Park, sold for $450,000 while an updated three-bedroom home at 38 Charles St, Newcomb, sold for $715,000 at auctions.

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