The four-bedroom property at 56 Sandringham Parade, Newtown, sold for $1.18m.
A bigger pool of competing buyers has given Geelong vendors an extra spring in their step as the competition drives higher prices.
The injection of more investment buyers has accelerated prices, particularly in the bracket between $600,000 and $800,000 where most see value.
However, buyers are also making their mark on more expensive properties too.
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Three bidders raised a hand at the auction for a four-bedroom, mid-century property at 56 Sandringham Pde, Newtown.
The 702sq m property sold for $1.18m, which McGrath Geelong agent said was $115,000 above the vendor’s reserve.
The property was listed with $990,000 and $1.08m price expectations.
The refreshed home has modern updates including a renovated bathroom, plus a self-contained unit in the back yard.
The kitchen and meals area opens to a sunny rear deck.
The bathroom was updated.
Mr Cortous said a Sydney investor secured the property, competing for the most part against a local owner occupier for the property in Newtown’s riverside pocket west of Shannon Ave.
Meanwhile, a trio of investors comprised the competition for a three-bedroom character home in Geelong West’s Preston St.
The competition between the local buyers added $40,000 to the vendor’s reserve, as the home at number 16 sold for $810,000, Mr Cortous said.
“The spring market has been a little bit more buoyant this year than what we’ve seen over past couple of years,” Mr Cortous said.
Big windows draw plenty of light into the home.
A self-contained unit offered an additional bedroom to the Newtown property.
Both properties presented well for investment buyers as they were essentially ready to find new tenants, he said.
“They were both presented really well and were really neat,” Mr Cortous said.
“There’s a lot of people that are after that. I think people who wanting to probably put tenants straight in without doing work.
“That seems to be where the strongest part of the market is for those particular properties.”
The three-bedroom house at 16 Preston St, Geelong West, sold for $810,000.
The three-bedroom house presented neatly to buyers.
The injection of confidence for investors and first-home buyers has improved conditions in the Geelong market.
“I think the spring market certainly has been a little bit more buoyant this year than we’ve seen over the past couple of years,” Mr Cortous said.
The additional interest also meant more people were inspecting properties during campaigns, particularly in pockets where properties are in the most attractive price brackets.
Newtown’s 1.057m median house price has jumped 16 per cent in the past three months, with an almost 9 per cent rise in Geelong West, according to PropTrack figures.
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