FIRST-home buyers negotiated to buy a Herne Hill house on a corner block after it was passed at auction on Saturday.
The buyers from Melbourne, who are relocating to Geelong for work, were the only bidders for the property, with a $490,000 offer securing the right to negotiate exclusively for the three-bedroom brick veneer house at 35 Douglass St, Maxwell Collins, Geelong agent Lois Wilson said.
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She said the vendors decided to meet the market in negotiations after the auction, accepting an undisclosed price that was below the quoted asking range of $530,000 to $550,000.
“They’re a young couple from Melbourne buying it for themselves,” she said.
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“It was a first home. They liked the area and were relocating with work,” she said.
“They saw the potential in the home with the timber floors and the like and are going to do a renovate to their style.”
Ms Wilson said the property attracted strong interest from first-home buyers during the campaign, though it seems some shied away on the fear that investors would be keen because of the 600sq m corner block.
Meanwhile, buyers unable to bid under auction conditions looked on as a four-bedroom house on an 804sq m block at nearby 6 Fraser St was passed in on a $720,000 vendor bid.
“There had been good interest but the people there unable to bid under auction conditions,” Ms Wilson said.
She said the Douglass St property, priced between $530,000 and $550,000,
“With Douglass St, it was in the low to mid $500,000, which in Herne Hill is a popular price bracket, so you’d expect good interest and competition,” she said.
“With Fraser St, it’s a very unusual offering because it’s a big family home on 804sq m, but you’re talking a different market there because people are buying as a second, third or fourth purchase.”
The Fraser St home is on the market for $735,000 to $765,000.