An opening bid $150,000 above reserve highlights the depth of competition for quality houses in Geelong’s inner ring suburbs.
Competition for quality character homes in Geelong’s inner ring suburbs was confirmed as buyers paid a $389,000 premium to lock in a Newtown residence before Christmas.
The last two bidders standing in a crowded field pushed the price of the three-bedroom house at 4 Nicholas St to $1.689 million.
But it wasn’t all bad news for the underbidders who went on to purchase another period home in one of East Geelong’s best streets at a later auction.
Six bidders pushed the value of the Edwardian-era Newtown home above $1.35 million price hopes.
Ray White, Highton agent Adam Natonewski said there was probably another 15 in the crowd who didn’t get a look in as the $1.45 million opening bid landed $150,000 above reserve.
He said the Queensland buyer hadn’t seen the home, just moments from Pakington St’s cafe strip, but her brother bid on her behalf.
“They have a prep that is going to start at St Robert’s next year so it’s a dream come true for them,” Mr Natonewski said.
“They are very excited, they have other family in the area.”
He said the location was the big drawcard of the home, which had previously been extended to create a rear-open living zone with french doors onto a manicured north-facing garden.
“It was certainly the position,” he said.
“It’s very tightly held and it’s been lovingly presented. It’s a very honest home.”
The sale will also bring the vendors of 35 years closer to their family when they relocate to Tasmania.
Later on Saturday, the underbidders at Nicholas St overcame a phone bidder to secure the keys to 20 Gurr St, East Geelong.
Manicured garden were a common theme at the renovated four-bedroom, two-bathroom home, which sold for $1.51 million.
McGrath, Geelong agent David Cortous said a new kitchen, new ensuite and gorgeous wraparound veranda were highlights of the residence.
“Gurr St is the best street in East Geelong … it is littered with those period style homes,” he said.
“The record price for East Geelong is in Gurr St.”
Originally published as Six bidders push Newtown home $389K over reserve