Market hits new heights
AN OPENING bid of $110,000 above the reserve for a Manifold Heights property was the catalyst for a strong auction weekend across Geelong.
The clearance rate of 91.23 per cent from 57 auction results in Geelong reflects the strong market and is well above the clearance rate in every capital city and large regional area.
The home at 65 Sydenham Ave, Manifold Heights, was just one of 70 properties to go under the hammer on the weekend.
Four parties bid on the 666 square-metre property and it sold for $791,000.
McGrath Geelong agent Will Ainsworth said the reserve price was $640,000, yet the opening bid was $750,000.
“It was quite an exceptional outcome, it is a great property in a good street,” Mr Ainsworth said.
“The couple that bought it are from Melbourne, they had been looking for a number of months now, they loved what the street has to offer.”
Mr Ainsworth said the buyers had a young family and it was a family-orientated street.
The house has three bedrooms, an open-plan living area, high ceilings, leadlight windows and decorative cornices. The property also has an electric front gate and high fence for privacy and security.
Mr Ainsworth said the buyers were planning on renovating the property that last sold for $420,000 in 2012, according to CoreLogic.
This follows a bevy of strong sales this month in Manifold Heights including 17 Orr St for $1.4 million, 32 Volum St for $1.925 million and 58 Minerva Rd for $1.6 million.
CoreLogic data shows the median house price in Manifold Heights is $727,500, an increase of 31.3 per cent in the past year.
There are still nine properties scheduled to go under the hammer before Christmas across Geelong, with five today and four on Saturday.