First-home buyers priced out of Melbourne paid a $70,000 premium to get ahead of the competition for a classic weatherboard house auctioned in Hamlyn Heights.
Four bidders battled for the keys to 29 Hamlyn Ave, where a three-bedroom, one-bathroom house was offered for the first time in more than 40 years.
The much-loved family home sold under the hammer for $731,000.
A ban on inspections for part of the campaign did little to dampen enthusiasm for the 603sq m property.
The opening bid landed just shy of top price hopes of $660,000 and the house was on the market as that target was reached moments later.
The buyers said the chance to buy an older home on a larger block was the impetus for moving to Geelong.
“We love weatherboard, we wanted a backyard and we can’t afford Melbourne,” he said.
“We didn’t want to live on the outskirts of Melbourne so we are here.”
The house offers two living areas, a timber kitchen and dining area with modern appliances and polished floorboards and a covered deck at the rear.
Hayeswinckle, East Geelong agent Adam Murphy said the house, which is close to schools and the Geelong Ring Road, had attracted more than 80 groups during the campaign.
“We had seven or eight groups there that when they got there said they would be bidding, but in the end we had just four,” Mr Murphy said.
“I think that first bid was intended to be a knockout blow.”
He said he expected the buyers to transform the house, although it was in good condition.
“Normally when you get a timber kitchen you think it needs a renovation because it does date but this was done in maple and I thought it looked great but the bathroom will be updated,” he said.
Another three-bedroom brick house at 14 Hamlyn Ave, Hamlyn Heights sold for $725,000 last month after just nine days on the market.
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