WE’RE NO.1 FOR AUC­TIONS

LET BUN­GA­LOW BID­DING BE­GIN

Geelong Advertiser - - FRONT PAGE - TESSA HAY­WARD

GEE­LONG is the best-per­form­ing mar­ket for auc­tions across Aus­tralia with a higher clear­ance rate than ev­ery cap­i­tal city and large re­gional area.

The clear­ance rate in Gee­long for the Septem­ber quar­ter was 78.1 per cent with a to­tal of 501 auc­tions recorded, ac­cord­ing to re­cent CoreLogic data.

Gee­long has out­per­formed Melbourne, which had the high­est quar­terly clear­ance rate of all the cap­i­tal cities at 72.6 per cent.

CoreLogic se­nior an­a­lyst Cameron Kusher said, at the mo­ment, Gee­long was cer­tainly “the best-per­form­ing mar­ket for auc­tions”.

“There is more de­mand for hous­ing in the re­gion now than there was a year ago . . . peo­ple are hunt­ing for more af­ford­able op­tions out­side of Melbourne and that is re­ally the driv­ing force,” Mr Kusher said.

He said de­mand for pre­mium hol­i­day homes in the re­gion was also driv­ing the much stronger clear­ance rate.

“We are gen­er­ally see­ing life­style mar­kets im­prov­ing, Gee­long is see­ing quite a strong hous­ing mar­ket at the mo­ment,” he said.

Last year in Gee­long there was a 72.3 per cent clear­ance rate from 347 recorded auc­tions in the Septem­ber quar­ter.

Since then the vol­ume of auc­tions and clear­ance rate have in­creased.

McGrath Gee­long real es­tate agent Will Ainsworth said the amount of out-of-town buy­ers mov­ing to Gee­long was push­ing the com­pe­ti­tion but lo­cal buy­ers had quickly caught on. “Good prop­er­ties are go­ing to auc­tion, so buy­ers need to be in a po­si­tion to bid at auc­tion if they want to se­cure good real es­tate in Gee­long,” Mr Ainsworth said.

He said some ven­dors had hes­i­ta­tions about go­ing to auc­tion but they quickly dis­cov­ered the auc­tion process was the most trans­par­ent and usu­ally got the best out­come.

There have been a few huge auc­tion re­sults in Gee­long re­cently where prop­er­ties have sold for more than $100,000 above the re­serve.

This in­cludes 13 Bri­tan­nia St, Gee­long West, sell­ing for $932,000, 176 Thomp­son Rd, North Gee­long, sell­ing for $455,000 and 27 Lof­tus St, East Gee­long, sell­ing for $659,000.

This is re­sult­ing in me­dian prices across Gee­long sig­nif­i­cantly in­creas­ing.

CoreLogic data shows the sub­urb with the high­est me­dian price in­crease is Man­i­fold Heights, in­creas­ing 33.4 per cent in the past year to $713,750.

Bell Post Hill, East Gee­long, Nor­lane and Bel­mont round out the top five Gee­long sub- urbs with the high­est cap­i­tal growth in the past year.

Hodges Gee­long West agent Jeff Begg said a lot of Melbourne peo­ple look­ing to move to the area were at­tracted by the chang­ing cul­ture in Gee­long from blue col­lar to a pro­fes­sional hub.

“Six years ago it was 60 per cent pri­vate sale and 40 per cent auc­tions, we pretty much auc­tion 100 per cent of our stock now,” Mr Begg said.

“I will al­ways rec­om­mend (an auc­tion) to my ven­dor as it is the best way to get the best re­sult.”

Hayeswinckle auc­tion­eer Daniel Hayes said it was hard to price prop­erty at the mo­ment as it was such a buoy­ant mar­ket.

“You are a fool not to take it to auc­tion, most prop­er­ties should be auc­tioned be­cause you can’t de­ter­mine the amount peo­ple are will­ing to pay,” Mr Hayes said.

“It is a great way to sell. You are leav­ing it to the open mar­ket to de­ter­mine a price.” A CHARM­ING Cal­i­for­nia bun­ga­low in Gee­long West will be one of 55 prop­er­ties go­ing un­der the ham­mer in the re­gion this week­end.

Ven­dors Ben and Mardi Hill pur­chased the prop­erty at 17 Eu­reka St 22 years ago for $66,000 and have turned it into a wel­com­ing fam­ily home.

“We have re­plas­tered, rewired, re­painted, reev­ery­thing and now we just hope some­one will love our house as much as we do,” Mrs Hill said.

She said they had de­cided to take the house to auc­tion af­ter see­ing many other prop­er­ties in Gee­long West sell that way.

“I will be a lit­tle bit ner­vous but that is nor­mal when tak­ing your house to auc­tion,” Mrs Hill said.

The house has a tra­di­tional lay­out with four bed­rooms flank­ing a cen­tral hall­way that leads to the open-plan liv­ing area at the rear of the house.

A lane at the rear of the prop­erty pro­vides ac­cess to a dou­ble car­port.

McGrath Gee­long agent Will Ainsworth is sell­ing the prop­erty.

Price hopes are $770,000 to $830,000.

Pic­ture: GLENN FER­GU­SON

Mardi and Ben Hill are putting 17 Eu­reka St, Gee­long West, un­der the ham­mer to­day.

13 Bri­tan­nia St, Gee­long West $932,000

27 Lof­tus St, Gee­long West $659,000

176 Thomp­son Rd, North Gee­long $455,000

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