COMPETITION for a post-war era Geelong West house that pushed the price $51,000 over the reserve underscores the demand in the price bracket below the city’s $530,000 median house price.
The two-bedroom weatherboard house at 15 Hector St, Geelong West, sold for $501,000 at Saturday’s auction.
Maxwell Collins, Geelong auctioneer Shaun Carroll said the sale price was $51,000 over the reserve price for the neatly presented home near Shannon Ave.
“It went really well. We had three bidders, two young couples and the lady who bought it,” he said.
Mr Carroll said bidding started at $400,00 for the double fronted house, quickly rising to the $501,000 finish.
“It just shows there’s demand still there in that range — the $400,000 to $500,000 price level,” he said.
The house offered potential for improvement or to enjoy as is, with a sizeable and light-filled front lounge, combined kitchen and meals area with gas cooking and a central bathroom with a shower and vanity.
The house was one of a clutch of properties in the price bracket that were offered for auction last weekend that attracted competition from multiple bidders.
One of the underbidders to miss out at Hector St had more luck across town, securing a two-bedroom house in McDonald St for $505,000.
“I was glad to see that they got something,” Mr Carroll said.