Buyers relocating from Queensland have finally quelled Geelong’s hot market in an auction that ended $90,000 over reserve.
The couple paid $770,000 for the three-bedroom brick veneer residence at 1 Marlborough St, Herne Hill at Saturday’s auction, $90,000 above the reserve price.
Four bidders participated in the auction, including one bidding over the phone from Melbourne.
It was the Melbourne buyers who kicked off the auction with an opening $650,000 bid.
Buxton auctioneer David Gray called the property on the market when the price reached $680,000.
A third buyer entered the auction at $702,000 and price crept along in $1000, $2000 and $3000 increments before the eventual buyers entered the race.
The additional competition pushed the pace of bidding back to $5000 increments before the phone bidder dropped out at $763,000.
Mr Gray said the position and lifestyle underpinned the buyer’s property decision to purchase in Herne Hill.
“That will be forever and you can do with the home what you will,” he said.
“We’ve understood what Herne Hill has done in the past five years and it’s pretty easy to see where it’s going in the next 15 years.
“With Newtown, Manifold Heights and Geelong West, it’s on the fringe of those outstanding suburbs and certainly at a high price point.
“But it’s only a matter of time before it catches up. It’s already pretty close there,” he said.
Herne Hill’s median house price has climbed 26.5 per cent in past 12 months to $675,000.
That’s a 73 per cent jump over five years.
When the buyers had moved down from Queensland recently they were caught up in the hot market featuring plenty of competition and lockdowns.
“We thought we could get something in the first few months and it’s dragged on.
“There were too many buyers.
“We’ve been looking in Geelong West and like that. We still wanted a decent footprint without spending too much.”
The position is good for recreation.
“We can get down to the river and it’s close to town and all our family is in Melbourne, so we can get there easily.”
The character brick veneer house occupied a corner block and had a one-bedroom bungalow in the converted garage.
The property is near Kevin Kirby Reserve had high ceilings, floorboards and freshly painted interiors.
The north-facing living room overlooks the front garden, while the dining room flows into the kitchen.