Geelong West Home sells $ 200K above reserve on Hot Auction – Realestate.com.au

A three -way auction finished $ 200,000 above the reserve for a renovated character house with a modern extension in Geelong West.

The residence with four bedrooms at 136 autumn ST sold for $ 1.51 million at the auction on Saturday after the bidders, mainly young families, the 519 m² real estate in the vicinity of Pakington St.

McGrath, director of Geelong Jim Cross, said that the successful bidders moved to Geelong because they had taken over a company locally.

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But a large number of young families wanted to secure the double proposed Victorian home with a modern expansion and backyard swimming pool, Mr Cross said.

“It is probably a sign that the market is starting to improve, but also a reflection of the property that was beautifully presented by the owners who gave it every opportunity to achieve a great price,” said Mr Cross.

Bid started at $ 1.28 million – the bottom of the guide from $ 1.28 million to $ 1.32 million.

The last two bidders in the auction added $ 100,000 to the price, Mr Cross said.

The modern rear extension overlooks a swimming pool in the back garden.

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The house presented with a typical white cocket gate and landscaped gardens, while the period mixes with modern family member.

Functions included leadlight windows, Tasmanian oak floor plates and original fireplaces in the original footprint of the house, with two bedrooms, including the main suite with an ensuite.

The modern expansion offered spacious open living with vast windows on the north and overlooking a swimming pool and leafy garden in the ground.

The gastronomic cuisine contained a Long Island bank, SMEG, Bosch and Siemens devices and abundant storage, while a second potential main bedroom or teenage retreat has its own ensuite and walk-in wardrobe.

The contemporary living space has a gastronomic cuisine and a high ceiling.

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The updated bathroom has an in-situ frameless shower.

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Mr Cross said that the strong interest in real estate was a positive sign for an improving market in Geelong.

The median house price of Geelong West is 7.6 percent among what it was 12 months ago, as a result of the fragmentary nature of the real estate market.

But Mr Cross said that an interest rate could create the perfect storm for a strong market for selling spring if it brings more people to mention their property for sale.

“What we are currently on the market is that it is still fragmentary, but we see signs of improving increased buyer research numbers and people through open houses and inspections, and an increased number of real buyers on the market on specific property,” Mr Cross said.

Character features such as high ceilings and open fireplaces are held in the original footprint of the house.

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While the lush extension includes a second ‘main bedroom’ with a view of the rear living zone.

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“My gut feeling is that once we get a different interest rate, we will start to see that those increased numbers are being filled in during the majority of the market.”

Mr Cross said that the auction was not timed around the rate reduction, but because the suppliers had bought a different property.

“I think if we see a rate reduction today, that our market will certainly encourage because you think that market is through the soil.

“You feel the market improving, but that it is gradual.

I think we will also see an influx of mentions on the market, because there are sellers who have been in a position where they do not have to sell from a timing point of view, who have kept for an improved market. “