Location drives Belmont home $122K over reserve

Buyers keen on the central Belmont location drove a big price for a three-bedroom weatherboard residence.

The 655sq m property at 18 Torquay Rd sold for $752,000 at Saturday’s online auction.

Ray White, Highton agent George Politis said the result was $122,000 over the reserve price.

The auction generated 12 groups to register to bid, with eight participating in the bidding process.

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Ultimately, the local buyers who secured the property are looking to establish an allied health practice, Mr Politis said.

The underbidders were keen on the site’s development prospects, he said.

“They’re a local Belmont couple, they missed out on a couple of other sites recently, so that’s what drove them up,” Mr Politis said

“The underbidders were looking at it as a development site for his needs. With the rear access that’s a massive bonus (for both buyers).”

Mr Politis said there’s strong competition for properties to be used for health or medical practices.

“I’ve had a couple of buyers who have been looking for that sort of business site,” he said

“I had one in Mt Pleasant Rd not long ago and I had these guys and another one down on Barrabool Rd.”

The result leaves a significant number of homebuyers still in the market.

The renovated three-beroom house is ideally located close to the top end of the High St shopping strip.

“We probably had about eight that were from Melbourne, they were looking for that move down to the coast.”

The adorable blue cottage has original polished floorboards, ornate cornices, an original mantel and unique doors are from a bygone era that add a certain character to the residence, complementing the upgrades in the kitchen, bathrooms and the laundry.

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