Thomson is considered by many real estate pundits to be an up-and-coming suburb with a fair bit of growth ahead of it.
The former Housing Commission estate is one of the so-called ugly ducking suburbs in Geelong’s east that surround the trendy and tightly-held East Geelong.
But a Robertson St auction could lead some to question whether Thomson has arrived, or are buyers starting to lose perspective?
Hayeswinckle’s Michelle Winckle auctioned a two-bedroom house at 10 Robertson St on Saturday, selling it under the hammer for $562,000.
That’s $167,000 above the $395,000 reserve.
Ms Winckle said two buyers from Melbourne were bidding over the phone, but a nearby neighbour who walked up on the day trumped all comers to secure the property.
“Two of them only came into the mix last week and there was another four bidders that never got to raise a hand,” Ms Winckle said.
The auction opened at $400,000 — $500,000 above the reserve — and rose in $5000 increments to $540,000, before it slowed to smaller bids.
“They’re just going to land bank it,” Ms Winckle said.
“It was only a 590sq m block and your old Thomson house, an old weatherboard with two bedrooms.
“You could buy a renovated home for that much home.”
Ms Winckle said she checked herself midway through the auction given the level of competition for the home.
“In the middle of that auction my vendor said he was on the phone thinking what an earth are doing?
“The buyer knows she may have paid a higher price, but said ‘I didn’t want to look back in three years’ time and wish I would have paid it, so I just paid it now’,” Ms Winckle said.
Thomson has a $448,750 median house price, which rose 6.2 per cent in a year according to realestate.com.au data, based on 28 sales in the past 12 months.
Ms Winckle said the buyer had an emotional attachment because it was in their street, while the Melbourne buyers may have wanted to purchase because they can’t get out to see any property due the current Covid-19 lockdown.
“I think there is a bit of fear that we’re going to go back into lockdown and we’re not going get to buy property,” she said.
Realestate.com.au recorded a 93 per cent preliminary clearance rate from 15 auctions reported in the Geelong region on Saturday.