Real Estate

Highest bidder lifts offer for Geelong West cottage by $100,000 after auction

Written by The ReReport
As seen in the Source link, written by on 2019-06-29 17:07:23

A BUYER raised his final offer more than $100,000 to secure a three-bedroom Geelong West house after auction.

The Geelong investor was the only bidder to raise a hand for the extended and renovated single-fronted Victorian cottage at Saturday’s auction.

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But several other groups waited around after Hodges, Geelong West auctioneer Marcus Falconer had closed the auction without securing a buyer in the hope they could snap up the renovated house at 31 Coquette St for a good price.

Hodges selling agent Jeff Begg said the property sold for $817,500.

“The buyer paid more than $100,000 more than he bid at auction,” Mr Begg said.

“He liked the size of the house, it will provide a good return,” he said.

The renovated interiors highlight preserved period details including high ceilings, ceiling roses and Baltic timber floors which flow through the two separate main living areas.

The house has three bathrooms, including an ensuite to one of two ground floor bedrooms, with another to a first-floor parents’ retreat.

Mr Falconer opened the bidding with a $700,000 vendor bid before the eventual buyer made a $710,000 counter offer.

The property had been listed with a quoted range of $780,000 to $850,000.

Mr Falconer said it was a beautiful Victorian house in the heart of the action.

“It’s certainly blue chip Geelong West real estate,” Mr Falconer said.

“Everything you need is right at your doorstep. You can certainly walk everywhere, to the beautiful Pakington St village, West Park, tennis courts, schools and it’s a short walk to the train station and the waterfront.”

The sale is another that shows investors are making a return to the property market after the federal election, Mr Begg said.

Mr Falconer said conditions in Geelong West as far as the market was concerned were holding firm.

“Geelong is still a magnificent story and our market is holding its value and the future is looking bright and prosperous in our opinion,” he said.

CoreLogic data shows the $667,000 median house price in Geelong West had slipped 2.6 per cent compared to the same time last year, but was nearby 50 per cent higher compared to five years ago.