Three bidders push Geelong West house $42,000 above expectation

Entry-level homes are hitting the sweet spot for buyers in Geelong West, where a compact two-bedder just sold $42,000 above price hopes.

Buxton agent Max Hardwick said auction competition had rebounded strongly in recent months to “like Covid times” for properties priced up to $700,000.

The latest to sell under the hammer was a California bungalow at 56 Catherine St, Geelong West, that was snapped up for $661,000.

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56 Catherine St, Geelong West, sold for $661,000 at auction.

The compact lounge has an original corner fireplace.

Mr Hardwick said three bidders contested the 280sq m property just off the Shannon St shopping strip at Saturday’s auction.

A Melbourne investor who inspected the house for the first time on Saturday kicked off bidding, but ultimately dropped out of the race between two first-home buyers.

“It was on a 280sq m block, so it was a small, small house and two bedrooms isn’t going to suit everyone so it was demographic of the investor or first-home buyer,” he said.

“I think the price point is the attraction and what we have found over the last three or so months is that anything between $500,000 and $700,000 we have sold really well at auction.

“In that price point it nearly feels like Covid times with the competitiveness.”

The weatherboard character home retains original period features including polished timber floors and a decorative fireplace in the lounge and has a central timber kitchen adjoining a dining space.

Timber cabinetry features in the central kitchen.

Timber floors lend period charm to the two bedrooms.

As well as a north-facing back yard, there’s off-street parking at the front of the property.

Mr Hardwick said the house had been a set and forget investment for the vendor of 12 years and was in need of some non-urgent improvements such as restumping and replastering.

He said it was encouraging sign for the market to see the Melbourne investor raise a hand of the property after turning up the on day.

“That was an interesting thing to see because we haven’t seen that for a while now. He didn’t push the button too hard but he did put a hand up,” he said.

145 Elizabeth St, Geelong West, sold under the hammer for $774,000, well above the $649,000 to $699,000 asking range.

Exposed timber beams and built-in cabinetry features in the lounge.

It follows another strong auction result for a retro, three-bedroom weatherboard house at 145 Elizabeth St, Geelong West, that drew four bidders.

Buyers from Melbourne paid $774,000 – $75,000 above the asking range – for the chance to get cracking on a renovation.

Mr Hardwick said the house had a mid-century feel with polished timber floors, exposed beams and a stone mantel inside.

“They are looking to get renovation works done straight away on it, they have had quotes over the last few weeks,” he said.

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