Real Estate

First-home buyers’ strategy knocks out competition

Written by The ReReport
As seen in the Source link, written by on 2019-03-18 09:02:12

Auction of 31 Bakewell St, Herne Hill

First-home buyers Josh and Jenna Exton, with their dog Vinnie, bid successfully at their first auction. Picture: Mike Dugdale

FIRST-home buyers have trumped the competition after pulling off a last-minute play at their first auction.

Hodges, Geelong West auctioneer Marcus Falconer was preparing to sell 31 Bakewell St, Herne Hill for $600,000 when Josh and Jenna Exton decided to enter the race.

Their late bidding pushed the sale price for the renovated 1950s weatherboard house to $608,000.

Auction of 31 Bakewell St, Herne Hill

Hodges, Geelong West agents Marcus Falconer and Jeff Begg at the auction. Picture: Mike Dugdale

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Mr and Mrs Exton, who currently live in one-bedroom apartment in Melbourne, are looking forward to moving to Geelong and trading up on space.

They said the sunlight and great storage attracted them to the three-bedroom house on a 555sq m block.

“It’s a house you can live in for a long time,” Mr Exton said.

Bidding for the property opened at $520,000 with competition from three buyers pushing the price above expectation.

The 1950s house has been renovated.

Hodges, Geelong West agent Jeff Begg said the underbidder was an buyers’ advocate.

“(The buyer) played it very cool and calm, I tend to think that if he hadn’t put his hand up he would have been in a world of pain,” Mr Begg said.

Indoor-outdoor living is a bonus.

He said buyers were still seeing value in family-friendly Herne Hill, with the Minerva Rd shops and nearby schools a big attraction.

The suburb has continued to record price growth, according to CoreLogic data.

It shows the median house price has risen 2.4 per cent to $550,000 in the past three months.