Belmont further cemented its reputation as one of Geelong’s hottest real estate markets after a renovated California bungalow smashed its auction reserve by $106,000 on Saturday.
First-home buyers renting in the suburb beat six other bidders for the keys to the three-bedroom house at 1/95 Roslyn Road.
The couple paid $716,000 for the 320sq m property, which sits at the front of a recent two-lot subdivision.
Barry Plant, Highton agent Kieron Hunter said strong competition for a rare bungalow style house in Belmont pushed the price above the $610,000 reserve.
The property was almost on the market with the opening bid of $606,000 but it took another 30 bids for the hammer to fall.
Mr Hunter said the result was another indication of why he dubbed the riverside suburb the “Tropic of Belmont”.
“We call it that because it’s always a very hot market,” he said.
The 1930s home has undergone a full renovation since it last sold as part of a larger 679sq m block in 2015.
High ceilings, decorative plasterwork and leadlight windows lend period character to the stylish interior that incorporates a new kitchen/dining area, separate loungeroom and updated bathroom.
“It’s a quality property and 198 people have come through,” Mr Hunter said.
“That just goes to show that the interest is out there and properties like this California bungalow are very rare in Belmont.
“You can find them over the other side of the river and everybody loves them but they are very rare around here.”
The buyers said they fell for the character and location of the house, which is only one block from the High Street shopping strip and walking distance to several schools.
Mr Hunter said another three-bedroom house at 18 Fairbrae Avenue, Belmont also beat reserve by $95,000 after attracting four bidders.
A buyer relocating from Melbourne secured the 709sq m property for $795,000.
“There was a lot of people that were looking at it for land value, just keen to knock it over because it’s a street … but she’s going to move in,” he said.