Price feast in East

ment, but you are going to massively capitalise if you are going to renovate the home.”

The house attracted interest from four bidders, including a confident young woman who opened the bidding at $600,000 and initially looked like she had the inside running.

Mr Hayes called the property on the market at $660,000, but the first bidder dropped out as a third buyer entered the fray at $715,000.

The Melbourne couple competed with a fourth buyer in $1000 increments before the house sold.

Hayeswinckle East Geelong agent Tiffany Simpson said the buyers had family already living in Geelong.

“I think they’ll eventually do some renovating and capitalise on the location and the potential views,” she said.

She said the interest in the property was an overflow of buyers who had missed out on other homes.

It was the second big sale in the neighbourhood in the past month after a nearby property containing two semi-detached houses sold for $906,000.

In the same area, a young couple who had recently relocated from Melbourne snapped up the three-bedroom cottage at 38 Humble St for $670,000

Eastwood Andrews Geelong agent Amanda Frick said three bidders contested the auction, which opened at $580,000.

East Geelong’s median house price has increased 13.2 per cent in a year to $622,500, CoreLogic says.