A Belmont house sold $200,000 above reserve at a hotly contested online auction that highlighted demand for larger blocks in the area.
The new owner scored the three-bedroom house at 1B Herd St for $1.1 million after an intimidating knockout bid which added $45,000 to the price.
Ray White, Highton agent Sean O’Brien said he was blown away by the huge result for the 929sq m property one block from High St.
It was on the market from the opening bid of $940,000, which matched the top of the quoted range.
Mr O’Brien said the competition from two local and one Melbourne developer, who won the contest, showed demand for larger sites with subdivision potential in Belmont.
He said there was strong market for quality townhouses in the suburb.
“It was a development opportunity for him, the next question is what he’s going to do there but he’s not sure,” he said.
“It’s a cracking location, that position close to High St and Barwon Heads Rd and the highway.”
He said the property was zoned residential schedule 4 under recent changes to the City of Greater Geelong’s planning scheme.
This allows building heights up to 11 metres and three storeys in neighbourhoods earmarked for increased housing diversity in suburbs such as Belmont, Bell Park, Newcomb, Corio and East Geelong.
Mr O’Brien said the buyer recognised a chance to add value and his bidding strategy was clearly designed to intimidate the local underbidders on the day.
The current house offers two living areas and some updates including a kitchen and bathroom that services three bedrooms with built-in wardrobes.
There’s also a double garage and additional off-street parking in the side driveway.
The chance for another townhouse development across the city in Geelong West also fuelled competition for a 745sq m property with an original weatherboard house.
Geelong Real Estate Co agent Ricky Forte said four buyers put forward offers for 11 Isabella St after the lockdown derailed weekend auction plans.
It sold to Melbourne-based developers for $852,000.
“They bought it sight unseen, of the four groups only one of the groups had seen it,” Mr Forte said.
“It was the potential just to build luxury townhouses in Geelong West.
“You don’t get opportunities like that six houses from Pakington St and it’s only 1km from the waterfront.”