The house at 297 Bellerine St, South Geelong, has been snapped up for $1.055m inside a week.
The rush to quality is evident in Geelong’s property market as homes that ticked all the boxes bring buyers out willing to trade in quick time.
Properties in South Geelong and Belmont were snapped up as hopeful buyers traded offers to secure these prime positions.
Wilsons Geelong agent James Wilson listed the three-bedroom character home at 297 Bellerine St, South Geelong with a $955,000 to $1.055m guide, but needed less than a week before exchanging contracts on a $1.08m sale.
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“I think they just realised that the property was a good spot, had good rear access, had good accommodation,” he said.
“We had three people make an offer on the property and it was the person that put their best foot forward that won the property.”
All the buyers on the 491sq m property were owner occupiers, he said.
The Californian bungalow offers a formal lounge, two bathrooms and an open-plan kitchen, dining and living area opening to a rear deck.
“It’s something that people can move straight in to,” Mr Wilson said.
The house at 297 Bellerine St, South Geelong, has been snapped up for $1.055m inside a week.
The house at 297 Bellerine St, South Geelong, has been snapped up for $1.055m inside a week.
“It had been recently painted, it had dual living areas, an attractive facade, and also really good garaging and being relatively close to town and all those upgraded amenities of South Geelong – it’s a great little spot.”
The strong interest was an example of buyers acting quickly for a quality property that ticks all the boxes.
“I think people are absolutely selective,” Mr Wilson said.
“At the moment it is probably more of a buyer’s market in the sense that if a property doesn’t tick all the boxes it becomes very price sensitive and relative to time on market.
“But if something ticks a lot of those boxes, things are selling fairly quickly.
“And those boxes are generally position, accommodation and how much work the buyer feels they’re going to need to do to a property and the time it’s going to take.
The house at 297 Bellerine St, South Geelong, has been snapped up for $1.055m inside a week.
The house at 297 Bellerine St, South Geelong, has been snapped up for $1.055m inside a week.
“If something is a little quirky, or slightly overpriced or needs a lot of work, then that is in a certain market that is completely price sensitive.”
Whether a home of offered by auction or private sale can even determine the level of interest, Mr Wilson said.
Hopeful buyers ignored the scheduled auction in two weeks to make early offers on a four-bedroom Union St residence, close to High St shopping centre.
“The auction was in two more weeks but we ended up getting pre offers from a buyer who missed out on another property in the area.
The property was listed with a price guide from $950,000 to $1.045m.
The four-bedroom house at 2 Union St, Belmont, sold for $1.115m after 11 days on the market.
The four-bedroom house at 2 Union St, Belmont, sold for $1.115m after 11 days on the market.
But the original bidder, who was also an underbidder on a nearby Hill St property, dipped out again as the property went on to sell for $1.115m, Ray White Highton agent George Politis said.
“It ended up being a young couple from Bell Park who just wanted to move, obviously, for schooling and near shops and a good location,” Mr Politis said.
“The people who put the first offer in ultimately missed out again. We’re obviously on the search for them at the moment.”
The character home spills out to an enormous open-plan kitchen, lounge and dining zone with enough space to house a billiard table, all on a 753sq m block.
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