Bidders Primed To Buy

While the big end of town watched Spray Farm go under the hammer for just over $7 million, the rest of Geelong’s auctions went gangbusters last weekend. It all began on Friday when around give bidders vied for a dual shopfront at 39-41 Pakington St, Geelong West. Gartland principal Robert Gartland sold the prime commercial site for $780,000 under the hammer. The Gartland team had another good result the next day when the investment property of three tenanted units at 1-3/154 Bacchus Marsh Rd, Corio was also sold for $402,000.
Also on Saturday, around 80 people watched the renovated beauty at 13 Russell St, Newtown go under the hammer for $527, 000. Ray White Geelong’s Jim Cross said bidding began at $350,000 before Melbourne bidders vied for the property. “The successful buyer and the underbidder were both from Melbourne which is testament to the amount of interest we’regetting out of the Melbourne market at the moment” Mr Cross said.
“As Melbourne gets more unaffordable we’re only going to see a larger percentage of buyers now moving to Geelong for lifestyle and affordability.”
The 736sqm block at 6 Boundary Rd,East Geelong was a good result for Maxwell Collins on Saturday. Auctioneer Peter Maxwell took almost 50 bids from six bidders in selling the corner block with development potential for $345,000 to a local buyer.
The four-bedroom home at 211 Roslyn Rd, Belmont was sold for $475,000, which was $65,000 above the reserve. Ray White Highton’s Daniel Hayes reported the result was especially satisfying given he sold the same house last year for $360,000, he said. In Ceres, three vacant blocks were sold on the corner of Barrabool and Cochranes Roads – one was sold for $320,000 and the remaining two were sold after auction for an undisclosed amount.