Geelong West character home sells at epic auction
It took 80 bids to separate four bidders before the new owner of a single-fronted timber bungalow in Geelong West was decided.
It took 80 bids to separate four bidders before the new owner of a single-fronted timber bungalow in Geelong West was decided.
The three-bedroom house at 27 McDougall St sold for $726,000 at the auction after the character home was listed with $650,000 to $695,000 price expectations.
McGrath, Geelong agent David Cortous said a combination of home buyers and young families were in competition for the residence on a 291sq m block.
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“We had 80 bids there. Four bidders, it was a busy weekend,” he said
“They were all owner occupiers, which we’re seeing that first-home buyers and second-home buyers aren’t really competing against investors, so it’s giving them a really good chance to get into the market.
“I think another interest rate cut on the horizon may bring investors back,” he said.
“We advertised it at $650,000 to $690,000, which I though was spot on the money in this market, probably the best liveable three-bedroom house I’ve seen in Geelong West for a while.
“It just created a little market there, it’s probably rarely seen in Geelong West at the moment with that price point.”
The single-fronted bungalow offered a nice street appeal in a position close to Shannon Ave and nearby to Pakington St.
The entry-level home delivers with a layout where an open-plan living, dining and kitchen zone steps out to the private back yard.
Mr Cortous said several bidders had connections to Geelong West, where the median house price sits at $859,000, according to PropTrack data.
“A couple of the bidders that were on it were people that do live in Geelong West now,” he said.
“The underbidder was living in Geelong West previously and wanted to come back to purchase.”
Originally published as Geelong West character home sells at epic auction