No FOMO for buyers of waterfront house

No FOMO for buyers of waterfront house

FOMO or fear of missing out has definitely disappeared from Geelong’s auction market if a weekend sale of a waterfront home gives any indication.

Buxton, Newtown agents Christine Allison and David Gray took the three-bedroom home overlooking the water from Austin Park to auction on Saturday, yet could only entice one buyer with a low-ball $1 million offer under the hammer.

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But after auctioneer David Gray passed in the property at 17 England St following a $1.3 million vendor bid, the buyers stepped forward.

Ms Allison said she asked a young couple, who she knew was keen on the property, why they didn’t make a big during the auction, they answered they were waiting for someone else to make the first move.

But the strategy, if that’s what you could call it, worked as they negotiated to buy the two-storey residence within sight of the Royal Geelong Yacht Club for $1.345 million straight after Saturday’s auction.

“They’re buying it for themselves and they’re going to live there,” Ms Allison said.

While the sale represents a $45,000 increase in the value of the property in 20 months, the sellers, who paid $1.3 million at auction in July, 2017, would have incurred an overall loss after factoring in stamp duty and other purchasing and selling costs.

Like most of the neighbours on the street, the house is designed with the view in mind, with the main bedroom and two living rooms facing the park and waterfront beyond.

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