THE first test of the top end of Geelong West’s property market for 2019 passed with flying colours when a renovated Lawton Ave house sold well above reserve.
The Victorian era house at 16 Lawton Ave had undergone a contemporary renovation beyond the period facade, creating a north-facing living zone on polished concrete floors and double glazed stacker doors leading to a private deck.
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Hodges, Geelong West auctioneer Marcus Falconer opened proceedings with a $1.1 million vendor bid before the first of two bidders entered the fray with a $1.125 million counter.
Mr Falconer informed the large crowd the property was on the market as the price passed $1.31 million at a fairly quick pace.
The two bidders placed 16 bids before Mr Falconer knocked the property down to the winning bidders for $1.35 million.
Mr Falconer said the sale was well above the reserve price.
“It’s a real strong return to the market,” Mr Falconer said after the auction.
“People from Melbourne, relocating and competing. They’ve done really well,” he said.
The winning bidder had been in the crowd the last time a Lawton Ave home eclipsed $1 million in August, 2018.
On that occasion, the $1.03 million sale was a $100,000 premium the renovated house closer to Pakington St.
Lawton Ave is considered one of Geelong West’s best streets, though this is the third to achieve seven figures in the tightly held neighbourhood.
The previous mark was $1.1 million, set in 2017.
The median house price in Geelong West has hit $630,000, although the suburb’s auction clearance rate fell late in 2018.
CoreLogic data shows the success rate at auction in Geelong West in the past six months was just below 50 per cent.