The three-bedroom home at 19 Oberon Drive, Belmont, sold for $800,000.
One last hurrah was enough for first-time buyers to win the auction contest for a meticulously maintained three-bedroom Belmont home.
Their final $500 bid cemented a $30,000 premium for the 681sq m property at 19 Oberon Drive.
The brick veneer house with a built-on drive-through carport at the front and similar gabled outdoor area in the rear sold for $800,000.
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Ray White Highton selling agent Adam Natonewski said the property – which was listed with price hopes from $700,000 to $770,000 – drew a pretty strong reaction when it hit the market, before Treasurer Jim Chalmers reveals his plans to impact the property market in the federal budget.
“The opening weekend we had 32 groups through it, followed by the budget on that Tuesday, and then that next weekend I had three (groups),” Mr Natonewski said.
“So it totally fell off a cliff.
“Then leading back into the auction, we drew them back in, we had I’d say over 100 there at the auction, so a pretty big crowd and identified there would have been about five or six bidders.”
The updated kitchen features stainless steel appliances.
The first-home buyers pushed out a buyer’s agent representing an investor client to secure the property.
“The first-home buyer did win it by a knife’s edge at the end. They just threw an extra $500 bid on top, and were the eventual purchasers.”
The opportunity to secure a neat home that was ready to move in was not lost on the range of buyers, also including downsizers.
“It was just super neat. It was meticulously maintained, updated – not to the most modern of standards, but it was updated in the last 10 years and was just so clean, so well manicured, right from front to back fence.
A gabled veranda creates a substantial outdoor entertaining area.
“And with good garaging, good carporting it was really nicely done.”
The campaign shows that investors are prepared to buy in Geelong, despite the federal budget’s move to even the playing field for young owner-occupiers.
The federal government reforms restrict negative gearing for residential property to new builds from July 1 2027. After that, rental losses on existing residential investment properties bought after budget night can only be offset against other residential property income.
The 50 per cent CGT discount would
The home’s two bathrooms have been updated.
be replaced with inflation-adjusted indexation to restore the taxation of real gains.
The big switches will be grandfathered for existing investments, and new builds will keep the option to use the 50 per cent discount to help boost supply.
Mr Natonewski said investor buyers are coming back after the dust has settled.
“I’ve spoken a few, and they sort of don’t feel. There’s a few that obviously were impacted. They’ve just disappeared, but then the ones that are back on, they don’t feel like they’re impacted.
“I’m not sure whether they’ve had advice or they just haven’t had advice. They’re still going to buy established, so it’ll be interesting to see where it heads.”
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