Six buyers contesting a california bungalow near Newtown’s Chilwell pocket pushed the price $220,000 over its auction reserve.
The three-bedroom house at 60 Noble Street sold for $1.07m at Saturday’s auction, smashing the $850,000 reserve price.
A young couple, who are relocating from Melbourne, secured the 663sq m property near the Pakington Street shopping strip, Hayeswinckle, Newtown agent Rachael Taylor said.
Ms Taylor said the winning bidders had been searching for a house in Geelong for four or five months and had missed out on quite a few properties.
“They loved the character of the home, loved the location,” she said.
“They’re going to give it a full renovation and start their family there.”
The vendor, selling after 32 years at the address, was over the moon with the sale price, she said.
“We had six bidders. There was two that came in the high-$900,000s that were unexpected. They just turned up on the day.”
Ms Taylor said the price had exceeded expectations dramatically.
“We thought we could get into the $900,000s maybe.
“We saw the value was in the high $800s to low $900s where people were looking at.
“There was a couple of local people that lived in the street that were hoping to get it a bit cheaper. They were there but they didn’t end up bidding.
“It was still in original condition, so it did still need a bit of work. You would need to put a couple of hundred thousand dollars into it to modernise it, but it was wonderful.”
Ms Taylor put the result down to a fear of missing out.
“I think emotional buyers are the ones that are spending more, especially buyers that have been bidding and have been missing out,” she said.
“There was quite a few young couples who have been attending quite a few auctions around Geelong and have been missing out.
“I think that emotional buyer, he kept the bidding quite strong.”
Ms Taylor said the period details combined with the north-facing backyard and ample off-street parking.
Chilwell Primary School, Newtown’s college precinct and GMHBA Stadium were also walking distance from the property.