Bidding war drives up Breakwater

BREAKWATER’S record house price rose after six young homebuyers contested for a renovated character home.

The extended fourbedroom Victorian house at 51A Tanner St (pictured above) sold for $507,000, smashing the previous best price by $72,000.

Barry Plant, Geelong, agent Dion Plumb said young family homebuyers made up the majority of the interest in the home, which is in the Breakwater pocket west of the Geelong Racecourse.

“We had eight people there to bid and six had a crack. There was a crowd of about 50 people who bore the brunt of the Arctic conditions to watch,” Mr Plumb said.

“The buyers controlled the auction, so we didn’t have to give them much encouragement through vendor bids.”

Mr Plumb said the buyers were attracted to the character nature of the big house that did not come with an East Geelong price tag.

Similar houses that have sold in East Geelong recently have fetched more than $630,000.

The property had price expectations of $450,000 to $495,000 before the auction.

“It is quite a big home,” Mr Plumb said.

“Deceptively large, the photos didn’t do it justice.”

Nineteen houses and units have sold in Breakwater this year.

The suburb’s median house price house price has climbed 20 per cent in 12 months to $335,000, according to CoreLogic figures.