Geelong West customers who know the value of their own backyard have paid a big premium to get their hands on an untouched renovation activity next door.
Seven bidders contested the original three-bedroom bungalow at 22 Potter Street, propagandizing the selling price $ 200,000 above expectation.
The immediate neighbours self-assured the 483 sq m north-facing property for $831,000 at Saturday’s auction.
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Dual street frontages onto Potter and Lupton streets opens to the door to a rear extension or possible townhouse occurrence at the property.
Stockdale& Leggo, Belmont agent Rod van der Chys said the flexibility to add value underpinned the degree of tournament from renovators, makes and builders.
Bidding opened at $ 640,000 — more than what the dealers were hoping for — but the eventual purchasers merely entered the race at $823,000.
Mr van der Chys said the high-pitched opening order immediately beat various interested defendants out of the competition.
“I reputed( the buyers’) programme of coming in at the very last minute was very clever, ” he said.
“We were just about to knock it down and the others had said they were out so it’s fairly disheartening for the other bidder.
“But you have got to have the money to take it off them — deep pockets is the only strategy that works in a market like this.”
He said the neighbours did not uncovered their plans for the nearly 100 -year-old house but clearly couldn’t pass up an opportunity in a part of Geelong West they are aware and love.
The house comes with a loungeroom, kitchen/ dinners area, a central bathroom and rear sunroom, plus a garage with rear access.
The post Neighbours dig late to buy Geelong West renovation activity sounded first on realestate.com.au.
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