FIVE bidders were out in force for a clinker brick house in Belmont with agents remaining confident in Geelong’s market.
A Belmont family has doubled their money after selling 74 Francis St for $630,000 at auction.
They bought the property for $310,000 in 2014, according to CoreLogic, and have completed an extensive renovation on the home.
MORE REAL ESTATE: Entry-level Newtown weatherboard house sells after auction
Big block in Highton attracts several buyers to auction
Strong demand for new and existing apartments in Geelong
Buyer Greg Hughes, from Grovedale, said he was attracted to the location, style and size of the property.
“I will be moving in and I work in Breakwater so makes it easy getting to work,” Mr Hughes said.
Bidding started at $540,000 with several parties taking it above expectations of $550,000-$600,000.
McGrath, Geelong agent Shane Goodall said he had a lot of interest from first-home buyers, investors and downsizers.
“Every open home was packed, it did have restrictions including not having a proper backyard or a garage, but buyers saw the potential in it,” Mr Goodall said.
“We knew there were going to be several buyers, some missed out on even getting to bid.”
The art deco style house has hardwood floors, a modern kitchen, two bedrooms with built-in wardrobes, main bedroom with walk-in wardrobe and ensuite and frosted glass bi-fold doors connecting the loungeroom with the dining room.
The median house price in Belmont has increased 9.3 per cent in the past year to $535,500, according to CoreLogic.
Local agents are confident in Geelong’s property market compared to Melbourne with some properties, including this Francis St one, attracting several bidders.
Last weekend a Hamlyn Heights property had six bidders with 4 Woorayl St selling under the hammer for $673,000.
Agents hope these results will give buyers confidence in the market.