Highton House sells $ 111k above reserve after 10 -bidder auction – realestate.com.au

A three bedrooms’ Old Highton House has discovered a strong underlying demand for affordable houses in the suburb despite selling $ 111,000 above the spare price.

The 589 m² real estate on 8 Strickland Ave, Highton, was the subject of a 10-way struggle when it went to auction on Saturday.

But most of the interest was well before the hammer arrived at the auction.

An Melbourne investor offered a definitive bid of $ 751,000 to secure the house while the real estate went to the auction with a spare price of $ 640,000.

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The central kitchen overlooks two living spaces.

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Hayeswinkle, Highton Agent Rachael Taylor said there were 10 active bidders at the auction, including two on telephones.

While 10 bidders put a hand at the auction, especially if auctioneer Michelle Winckle had revealed that the property sold at $ 640,000, only three were hunting after the price $ 700,000 had surpassed, which showed the level where buyers showed the biggest question.

“During the entire campaign we had around 135 buyers through the door,” said Mrs. Taylor.

“The majority of buyers who came through were people who moved to Geelong, but it became an investor who bought the real estate.

“Potential he will rent it out for a year and then move,” said Mrs. Taylor.

The school zoning – Bellaire Primary School and Belmont High School – were the biggest draw for buyers, along with the proximity of Highton Village and Porter Ave stores, she said.

The building is near Porter Ave and Highton Village stores.

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The formal living room has a wood heating.

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The 589 m² block has a deep back garden.

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The sale improved the $ 728,000 that was reached for a, but renovated house next door with an updated kitchen and bathroom.

Other similar houses in the area had reached $ 700,000-plus turnover in the past two years, records revealed.

Proptrack data show that the median house price of Highton $ 861,000 July has fallen by 5.6 percent, or $ 51,000 compared to the same time last year, and $ 80,000 compared to three years ago.

The property was mentioned with a price guide of $ 595,000 to $ 645,000.

“The seller really trusted us, he actually let us carry out the campaign how we thought we should give him the best results,” she said.

“We have chosen to auction because we feel that it is a unique feature, because that area is very desirable and difficult to enter.

“There is not much turnover, so we chose the auction based on that we thought we would get a better result for the seller who goes to the auction and you have more buyers – more eyes on the property – for a four -week period.”

The seller bought the building in 2006.