Expat buyers from the United Kingdom have set their homecoming after 50 years abroad in train after securing a home in North Geelong at auction.
The purchasers watched a live stream of the auction from London as their son successfully bid on the three-bedroom Californian bungalow at 14 Craddock St.
The weatherboard house sold for $795,000 — a result that finished $45,000 above price hopes set for the 566sq m property.
Hodges, Geelong West agent Ryan Shelley said the buyers now have to join the queue to travel back to Australia.
“At this stage they don’t know when they are coming back, but they just wanted to secure something in the current market in anticipation that it was going to continue to climb,” Mr Shelley said.
“It’s a brilliant strategy. There is nothing that’s going to slow down the market that we can see in the foreseeable future.
“And to secure something in that little pocket, which has been quite a hidden gem. They’ve done the right thing and played the market quite smartly there.”
That pocket of North Geelong, immediately north of Church St between West Oval and the Telegraph Bridge has been a popular pocket for buyers trying to break into a neighbourhood just off Pakington St without the Geelong West price tag.
But Mr Shelley said prices are slowly rising in that pocket.
“If you have a look at the last couple of results in that pocket, 47 Stubbs Ave, which I sold before auction a couple of weeks ago. We were hoping around $700,000 and it ended up being $770,000.
“It has everything to offer that Geelong West does at a bit more of an affordable price.”
North Geelong has a median house price of $520,000, according to data from realestate.com.au, although in that pocket the median price is a higher $696,000 for sales recorded over past 12 months.
Geelong West has a median house price of $805,000.
Marcus Falconer called Saturday’s auction, which opened with a $650,000 bid.
Three hopeful buyers raised a hand during the auction.
After two $25,000 increments, buyers traded $10,000 offers before the third bidder entered at $740,000. They dropped out at $791,00.
The house has many of the original features of a classic California bungalow, such as Baltic pine floors and stained glass windows and a statement fireplace in the living room, fitting with a gas heater. The light-filled spacious dine-in kitchen has stainless steel appliances, corner pantry and a wood heater.