A CROWD of young and hopeful owner-occupiers were excited at the chance to secure a 19th century house for a price well below Geelong West’s median price of $708,000.
But for most it wasn’t to be.
The chance to snap up the quintessential Geelong West mid-Victorian era house close to Pakington St proved too hot for a number of buyers at Saturday’s auction.
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The double-fronted weatherboard house has been a fixed landmark on the corner block at 74 Gertrude St.
Auctioneer Graeme Taylor said the reserve price fell within the price guide of $600,000 to $650,000.
But the house sold to owner-occupiers for $711,000.
“We knew that things that were selling in the $700,000s had an ensuite or second bathroom,” he said.
“I think the fact it was totally liveable and had the scope to do something later on (created the interest).”
Bidding opened on a $580,000 vendor bid before the first buyer raised a hand at $600,000.
The third bidder entered the race at $650,000 with bids as low as $500 as the price surpassed $700,000.
“I reckon there was more that didn’t get a chance,” Mr Taylor said.
“The three that were bidding were owner-occupiers. They wanted for themselves and they were young people,” he said.
“It just appealed to a young audience — it’s a great location, the liked its style and it was at the lower end of the market.”
Last bought as an investment in 1995, the three-bedroom house with an early 1990s renovation to the kitchen, bathroom and rear living area has been a steady income earner for the owner.
“Gertrude St always been a fairly popular street, the reason is it’s an unusually wide street, compared to most streets in Geelong West, and its proximity to the city.
“If you stand out on the street you can see the new WorkSafe building at Malop St to check how close you are to the city.
“We’ve got the Pakington St shops, it’s nice and close and flat walking but not too close to be a problem.”