Heated battle for slice of Belmont
FIRST-HOME buyers are making their mark in Belmont as two parties looking to enter the property market competed for a property at the weekend.
Positioned a short walk from the High St shops, 1a Lloyd St, Belmont sold under the hammer for $368,000.
A total of 16 bids were recorded from two parties, both first-home buyers.
Buyers Anna Brown and Tom Upton said they would be moving into the property from Inverleigh.
“We have been watching the market for about six months and only really started looking six weeks ago,” Ms Brown said.
“I feel the property market has settled down a little bit and the stamp duty savings are an extra bonus.”
McGrath, Geelong, agent David McGuinness said the buyers only saw the property a week ago and had a building inspection done the afternoon before auction.
“For a young couple getting started, this is a great investment as down the track they will be able to use it as leverage to get into their next property,” Mr McGuinness said.
“They wouldn’t have any trouble renting it out in the future either . . . you can’t go wrong with this area.”
The property features a freshly painted three-bedroom house with updated bathroom and polished timber floors.
It was part of a larger block that was subdivided and the rear property is yet to be built but there is approval for a single-level, three-bedroom, two bathroom house, according to Mr McGuinness.
He said first-home buyers were more intent on buying now that there were a few more perks, including no stamp duty for a property under $600,000.
“I think in the months previous they have just been doing their homework,” he said.
The median house price in Belmont is $450,000, an increase of 12.7 per cent in the past 12 months, according to CoreLogic.