North Geelong house beats reserve price on opening bid

Buyers saw value in North Geelong as a renovated home smashed its reserve price on the market at the first bid. It went $91K over price hopes.

Winning bidders Mahin and Nebula during the Walsgott Street auction in North Geelong.

A renovated home in North Geelong proved such hot property for five hopeful buyers that it eclipsed the reserve price on the opening bid.

The competition started at $570,000 for the four-bedroom house at 47 Walsgott St, before it sold for $650,000, which was $91,000 above the top of the asking range.

The 645sq m property attracted mainly youngers buyers, keen to capitalise on the long list of updates to the kitchen and living area, bathrooms and outdoors.

Harcourts, North Geelong auctioneer Joe Grgic calls for bids at Walsgott Street, North Geelong.

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Melbourne purchasers Mahin and Nebula, who were the last to enter the race for the 645sq m property, had calculated it was their best chance to secure their first home on a big block about an hour from their work in the city.

“It’s a nice area. It’s close to the beach, close to the train station, close to amenities and a big piece of land,” Mahin said.

Winning bidders Mahin and Nebula consider their next move during the Walsgott Street auction in North Geelong.

“Our final reasoning is even if we were to buy in Melbourne, we would probably have to commute an hour (to work), so we were kind of looking here.

“It’s a bit closer to nature” she said.

Harcourts, North Geelong auctioneer Joe Grgic said that the suburb was a more affordable opportunity to enjoy the city burgeoning lifestyle options.

The open-plan living area inside the Walsgott Street home.

It’s all about location and lifestyle. You can walk to Pakington St for the entertainment, the retail therapy, the relaxation and consumption therapy – whether it’s beers, wine or coffee,” Grgic said.

While King of the Castle was the closest Pako coffee, he also listed other locals such as Bean & Base on Melbourne Rd, eddy and wills on Church St or Iberia on Shannon Ave

“If you really want to impress someone who loves desserts, head around to Bear & Scoobs. The vanilla slice is to die for.”

Originally published as North Geelong house beats reserve price on opening bid