Five bidders push renovated Belmont home $95k over reserve

Young families put their best foot forward as five bidders added $95,000 on top of the sellers’ price hopes for this renovated Belmont home.

The three-bedroom house at 11 Rigo St, Belmont, was listed with a $720,000 to $790,000 price guide.

Five young families raised a hand at the auction for a renovated, three-bedroom house near Belmont High School in a rare show of urgency.

The strong competition saw the 650sq m property at 11 Rigo St sell for $845,000 in an auction that finished $95,000 above the reserve price.

Barry Plant South Barwon agent Matthew Constantine said more than 70 groups inspected the “hugely popular” property during the campaign.

RELATED: Geelong apartments offered at mortgagees auction

What drove five buyers to vie for this Geelong West home

31 Geelong suburbs where prices have risen in 2025

“There were seven people that intended to bid, but there were five that did. On the day we had a reserve of $750,000, and ultimately the sale at $845,000,” he said.

“I don’t think I even got a chance to announce that we met the reserve until $790,000 as the bidding was frenetic.”

Mr Constantine said the renovated house was appealing to many buyers.

“I think the fact it was renovated, walk-in, with nothing to do,” he said

“It was all quantified – people knew what they were buying and I guess particularly for families, that position is literally within a drop punt of Belmont High and Roslyn Primary.

The three-bedroom house at 11 Rigo St, Belmont, sold for $845,000.

The bathroom was one of the rooms to be updated.

“Those things are a big drawcard. It suited young families quite well.”

Mr Constantine said young families provided the bulk of the interest, with three out of the five bidders also hailing from Melbourne.

The three-bedroom residence presented as the finished product with an upgraded kitchen, bathroom and a modern style.

The spacious outdoor area in the big back yard was an added extra in the family-friendly package with a double carport at the front.

While the property itself was key to the level of interest, it also underlined improving buyer sentiment since the new year, particularly after interest rates were cut in February.

The home’s living credentials were a key attraction.

A covered patio looks out to the big backyard.

Belmont’s $697,500 median house price remains almost unchanged from 12 months ago, according to PropTrack data.

“I think that the confidence is certainly coming back in to the market, there’s no two ways about that,” Mr Constantine said.

“And I guess the good quality family homes are probably not in plentiful supply at the moment.

“We know the demand is there, but the supply is still somewhat low, that’s why you get a situation where, again, I had seven people that intended to but and five that participated. That’s a highly active auction.”

Originally published as Five bidders push renovated Belmont home $95k over reserve