Victorian auctions: Melbourne first-home buyer snaps up Geelong townhouse for $546,000
A first-home buyer locked down in Melbourne bought a townhouse in Geelong through a proxy bidder on Saturday, in regional Victoria’s first weekend of on-site auctions this spring.
Three active bidders fought it out for the stylish two-bedroom home at 8 Angus Street, Belmont, pushing the price to $546,000.
It was one of only 13 auctions scheduled across the state on Saturday, of which 9 were in Melbourne, three in the Geelong region and one in the Warrnambool region.
By evening, Melbourne had six reported results. Clearance rates are only calculated when a minimum of 10 results are collected.
In-person auctions resumed in regional Victoria with a limit of 10 people this weekend as part of a move into “step three” of reopening post-lockdown. Auctions had been online-only since early August to help curb the spread of COVID-19.
Bidding began at $479,000, the bottom of the quoted price guide of $479,000 to $499,000, Barry Plant Highton listing agent Kieron Hunter said.
The price rose largely in increments of $10,000 and $5000 as three first-home buyers battled it out in a quick auction.
The hammer fell at $546,000, which was $26,000 above the reserve price of $520,000, Mr Hunter said.
Even though the auction was held in person, two of the three active bidders were locked down in Melbourne, with the winner sending their father and the other sending a buyer’s agent. The third was a local buyer.
The new owner hopes to move in towards the end of the year.
Melbourne residents now account for about 30 per cent of Mr Hunter’s buyers, but he says that has always been the case.
“There’s a lot of local activity,” he said. “The focus has been on where you live [in lockdown]– ‘If my kids are going to be at home I need a bigger place.’
“The fact there is very limited stock on the market has amplified inquiry.”
Also in Geelong, a local businessman paid $826,000 for a double block with an older house.
The three-bedroom property at 2-4 Portarlington Road, Newcomb came with a price guide of $775,000 to $795,000.
Nine people attended and three bidders were active, Maxwell Collins Real Estate listing agent Eugene Carroll said, adding the reserve was set at $790,000.
“It was a good result,” he said. “We had originally changed the date for this auction.
“We took a gamble, and hoping it was going to be on-site … It was really good to get back and conduct a live auction on site.”
He earlier thought the block could become townhouses but is unsure of the buyer’s plans, saying it will be a case of “watch this space”.
Melbourne auctions were scarce but another older-style home in Edithvale sold under the virtual hammer after its campaign was conducted entirely online.
The three-bedroom residence at 84 Rae Avenue fetched $963,500 after a developer beat two owner-occupiers, none of whom were allowed to visit the property.
Bidding began at $850,000, below the price guide of $900,000 to $990,000.
The price rose quickly in increments ranging from $15,000 down to just $500 towards the end. It was listed through Ray White Carnegie’s Gerry Setiyadi and Tom Grieve.
“We made sure we had a 3D virtual tour done,” Mr Grieve said, of the push to photograph the property just before the start of the strict stage four lockdown that bans private inspections in Melbourne.
“We just told the photographer to get every square inch.”
They also had a building inspection done in advance.
Mr Grieve said he expects a busy spring season once it begins in earnest.
“We have a lot of properties listed ready to go,” he said. “I think it is going to be quite a run home.”
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