A young family trades a property in Fyansford for a house in a large, flat block in Hamlyn Heights, where they can easily expand.
The 1,009 sq ft property in Griffen St sold for $935,000 on Saturday, after attracting bids from two parties, both young families.
Harcourts, North Geelong agent Nick De Stefano said there were four groups raving about the renovated three-bedroom house and all of them got into the crowd to witness the auction.
RELATED: Renovated Belmont Home Beats Hope with $30K at Wet Auction
New Data: Where It’s Cheaper to Own or Rent in Geelong
Lifestyle Goals Achieved in Renovated Home in East Geelong
Auctioneer Shane King said size and location were the main ingredients that made the property in the western suburb of Geelong worth more than average.
“You can be sure that this is a unique opportunity as these 1,000-square-foot blocks are getting harder and harder to find,” he said.
The property is close to a number of local schools including Western Heights and Clonard Colleges, as well as the popular Vines Rd shopping street.
“The house is ready to move in, a fantastic house with a lot of character,” he said.
“You can move in on day one and it has potential to add to the property, be it a subdivision or an extension, they are the choices.”
Buyers Nick and Emma Daniele do just that.
Mr Daniele, a contractor, said they are trading a property in Fyansford for Hamlyn Heights, where the flat land is preferred to expand and accommodate their young family.
“We’re doing a major reno in the back,” he said.
“We just got to Fyansford. It is on a bit of a slope, so with young children this is better.”
The auction opened at $850,000, with two groups exchanging bids until the underbidder pulled out at $932,000 while the buyers bid $935,000.
After going in to talk to the sellers, Mr. King revealed that the highest bid on the market was $935,000.
The property was listed with a sales range of $799,000 to $869,000.