SIX buyers could see the significant upside to a post-war Hamlyn Heights house being offered for the first time in 30 years on Saturday.
But it was a Melbourne developer with a knowledge of Geelong going back 25 years that paid a near-$40,000 premium to secure the 840sq m property at 4 Woorayl St at the auction.
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Hodges, Geelong West agent Carl Hammond predicted big numbers for the auction last week, given the significant interest from all types of buyers in the two-bedroom post war clinker brick house during the campaign.
The property, which last sold for $60,000 in 1987, sold under the hammer for $673,000.
But auctioneer Sean O’Brien still needed to kick off proceedings with a $550,000 vendor bid, seeking a $20,000 rise from the big crowd.
Five bidders obliged, though the last three preferred $10,000 increments as the price quickly eclipsed $600,000.
Mr O’Brien called the property on the market as the price passed $635,000.
But two buyers weren’t done, continuing with $5000, $2000 and $1000 offers before bidding stalled at $668,000.
The sixth buyer raised a hand on Mr O’Brien’s third and final call hoping to score the property with a single bid at $670,000.
But that was countered with the final $673,000 offer.
The buyer, who didn’t want to be identified, said the property would be developed down the track.
But Mr Hammond said underbidders were first-home buyers, owner-occupiers and investors.
“There was first-home buyers, people that wanted to do an extension and investors as well,” he said.
“It was a good property that one — you could move in straight away and do nothing or you could do something over time,” he said.
It’s the first post-$600,000 sale of an original home in Hamlyn Heights since November.
One of those was an original 1950s era house on a 1012sq m block nearby at 20 Logan St that sold for $660,000.
Hamlyn Heights median house price eclipsed $480,000 in 2018, with annual capital growth close to 20 per cent.