A Belmont home has sold to a New South Wales property investor for almost $500,000 over the reserve price.
The four-bedroom home at 17 Cambridge Street drew a large crowd along the tree-lined street on Saturday, with five bidders competing to sell it for $1.41 million.
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The home had an asking price of $870,000 to $920,000, but the bid quickly reached $950,000, and the price increased by $1,000 to $20,000 from there.
Buxton Highton director Tony Moorfoot said the house was “aesthetically beautiful” and stood out from the crowd.
“It checks all those boxes. Four bedrooms, huge living space, a great covered deck outside, and a great backyard,” Moorfoot said.
“Whether it’s an investment or not, we have everything you need for the perfect family home.”
He encouraged bidders to consider what a property in a “coveted location” on Cambridge Street could be worth in five to 15 years’ time.
“It will be worth it in the future,” he said.
Near the end of the auction, two of the five bidders were neck and neck, and the bids rose in increments of $1,000, ultimately reaching $1.41 million, and the home was sold.
Empower Wealth Advisory buyer agent Krista Butt, who bid on behalf of a client in New South Wales, said new homeowners are the ones trying to step into the Geelong market and “catch on”. He said that.
“Great properties like this always attract large crowds and multiple bidders,” Mr Butt said.
Leaded windows, high ceilings, polished wood floors, ornate openwork, and pendant lighting are consistent throughout the residence.
The main bedroom has a corner fireplace and built-in bathrobe, while the adjoining second bedroom has a built-in desk.
Another feature is custom shelving and cabinetry at the rear of the home, which opens to the backyard and outdoor entertaining space.
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sarah.petty@news.com.au