A CHANCE to join in the rejuvenation of a popular Belmont street saw five bidders compete for an entry-level house auctioned on Saturday.
Melbourne couple Emma and Michael Spencer couldn’t believe their luck after outlasting the competition for the keys to 24 Cambridge St.
They paid $610,000 for the three-bedroom house in Belmont’s ‘Golden Triangle’, a sought-after leafy pocket close to High St and schools.
“It’s a really nice street, we’ve been looking around here for a while” Mr Spencer said.
He said the current flexibility of working from home during the coronavirus pandemic made the prospect of relocating to Geelong even more attractive.
And while there’s scope to put their own touches on the weatherboard house, it’s already been restumped, rewired and replumbed.
Barry Plant, Highton agent Kieron Hunter said buyers were out in force at the moment, seeing an opportunity to break into the market.
“Back in February everything was going for $50,000 or $100,000 over reserve and putting the fear into everyone,” Mr Hunter said.
“Now it’s a level playing field.”
A shy crowd prompted him to open the auction with a $480,000 vendor bid but once the buyers warmed up, bidding soon topped the $549,000-$599,000 asking range.
Mr Hunter said the prestigious location was a drawcard, with entry-level homes in the area hotly contested.
The house, on a 596sq m block, has undergone some improvements and offers two living areas, a central kitchen and separate dining room.