Big demand for entry-level homes drives up Geelong auction prices
The chance to buy a rare brick house in Rippleside sparked lots of interest in this two-bedroom house.
Entry-level properties across Geelong are attracting unprecedented interest with bidding starting at a price point that is leaving many out of the race.
Twenty-one registered bidders spurred competition for an affordable two-bedroom house in Rippleside that sold $164,000 above reserve on Saturday.
McGrath, Geelong agent Michael Marmora said the opening bid for 28 Holden Avenue was $10,000 above the $495,000-$540,000 price range.
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The house offers open-plan living.
The bay is just moments away.
A local investor who plans to eventually move his family in ended up paying $694,000 for the low-maintenance brick house on a 260sq m block just a few doors down from St Helens Park and beach.
“There were four people that actually bid,” Mr Marmora said.
“The first bid was $10,000 above the top end of the range so there were a number of a people that unfortunately did not get to bid.
“A local buyer competed with a Melbourne investor and the local buyer ended up getting it, he mentioned that he paid a little bit more than he wanted to that was just with the competition.”
The kitchen has all the mod cons.
He said the house was one of only a few brick residences in Rippleside and attracted 120 groups throughout the campaign.
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Across town in Grovedale, first-home buyers drove competition for an three-bedroom house at 27 Heyers Road, Grovedale.
The weatherboard house on a 695sq m block sold under the hammer for $610,000, well above the price guide of $550,000.
27 Heyers Road, Grovedale sold under the hammer on Saturday.
The updated interior appealed to first-home buyers.
Hodges, Geelong West agent Ryan Shelley said the decision to take a property to auction in Grovedale, where private sales are favoured, reflected the depth in the market.
“It sold to a first-home buyer, a young chap moving to the area,” Mr Shelley said.
The house has an open-plan living zone, home office, ensuite bathroom to the main bedroom and a garage large enough for three cars and a workshop.