Setting records on price

GEELONG’S property market is breaking records as homes sell at auction well above reserve and private coastal retreats reach multi-million dollar figures.

An exclusive Jan Juc property is the most expensive house to sell on the Surf Coast this year after a deal was inked recently.

The private retreat at 18 Broadbeach Rd was on the market for $3.95 million and sold for an undisclosed price close to that, Great Ocean Properties, Torquay agent Marty Maher said.

Featuring five bedrooms, four bathrooms, six living spaces, two separate studios and an 18m swimming pool with spa, as well as an ocean view, a surf industry identity has held the property for more than three decades.

“The buyers are moving down from Melbourne, they are going to live there perma- nently,” Mr Maher said. “One member of the family grew up in Geelong, so they have a local connection, and they have an extended family they are catering for.”

Meanwhile, McGrath, Geelong agent Wayne Baker said that emotion and demand were driving the above expectations results at auctions in the Geelong area.

This was the case at 10 Kirriemuir St, Hamlyn Heights, last weekend.

The property sold for $745,000, almost $200,000 more than initially expected.

“It comes down to emotion and what happens on the day and if people want it they will pay,” Mr Baker said.

“We are more affordable than the Melbourne market too, so you’re getting a lot more competition from buyers, hence why you are seeing those results that we don’t anticipate.”

Mr Baker said the growth in Geelong was another factor attracting people to the region.

“From Work Safe, NDIS, Deakin University, Epworth Hospital and Barwon Health to some of the best education facilities in the state, you are going to see that continue,” Mr Baker said.

The sale of an exclusive waterside home at 60 Avila Rd, Curlewis, went close to breaking the house price record on the Bellarine Peninsula.

The four-bedroom house sold for between $5.5 million and $6 million, making it the second most expensive sale in the area.

The $6 million record stands at 18 Crows Nest Place, Queenscliff.

RT Edgar, Point Lonsdale agent Felix Hakins said the Melbourne buyers of the Avila Rd property were sold on the Bellarine Peninsula lifestyle.

There are 26 properties scheduled to go under the hammer today in the Geelong region.