The three-bedroom house at 12 Lindon St, East Geelong, sold for $1.003m at auction.
An East Geelong character home sold for $113,000 above its reserve price as competing buyers traded bids at the hot auction.
The three-bedroom Californian bungalow at 12 Lindon St was offered for sale for the first time in almost 40 years, but was snapped up in no time after sparking intense interest.
Such was the strength of bidding between two buyers advocates on the street at Saturday’s auction that other potential purchasers, including a phone bidder from Sydney, couldn’t get a bid away.
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Buxton East Geelong agent Tony Moorfoot handled the competition that saw the price race past the $890,000 reserve price to sell for $1.003m under the hammer.
A young family already living in East Geelong secured the property, keen to upsize to the 665sq m landholding just off Ormond Rd.
“The reason we had the good interest in it is the 665sq m block,” Mr Moorfoot said.
“It was a nice character home, really net and tidy and open to extending or updating. But it was a good parcel of land.
“I probably had four or five groups that had shown interest and three or four that said they were going to bid. An investor from Sydney on the phone didn’t even get to bid.”
The 665sq m block has a deep backyard.
Shaker cabinets feature in the updated kitchen.
Mr Moorfoot said the result showed there was good confidence back in the market.
“We’ve had a few things come with grants, even the 5% per cent deposit scheme and with interest rates being steadied now and we’ve had a couple of cuts, the market has started to turn a bit.
“Things like this just prove that good houses in good positions get good competition,” he said.
The Californian bungalow retains plenty of original character features but is refreshed for modern living with features such as shaker cabinetry in the kitchen.
High ceilings, feature wall and a bay window with leadlight glass are showcased in the lounge room.
The three-bedroom house at 12 Lindon St, East Geelong, sold for $1.003m at auction.
The property offers further scope to add value, through extending in the prime location that’s a short walk to the Garden St shops and cafes, and within walking distance of Eastern Park, and Geelong’s waterfront, hospital precinct and CBD.
A picket fence frames the character facade featuring a grand veranda, with character features continuing inside including high ceilings, picture rails and polished timber floors.
The formal lounge has an original mantel and timber feature wall with sconce lighting and a bay window with leadlight panels.
Records show the property last sold in 1987 for $65,000.
East Geelong’s median house price of $784,250 has climbed 1.9 per cent in the past 12 months.
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