FIRST-home buyers secured an original house on a small block in East Geelong as seven bidders pushed the price $100,000 over the auction reserve on Saturday.
Michaela Flanagan was visibly shaking after the auction when she contacted her husband, Ed Grinter, who was competing in the Serra Terror endurance event in the Grampians.
The newlyweds secured the two-bedroom bungalow for $500,000 as Ms Flanagan outlasted six other bidders in front of a massive crowd at 24 Lomond Tce.
But Ms Flanagan, who entered the bidding late in the piece and was tapping her foot as the auction drew on, had a team with her as moral support.
“It was crazy,” she said.
“I wasn’t letting go though — I knew what I had to go to, but I was happy to go up in ones.
“I just can’t believe we did it.”
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The couple, who are renting in South Geelong, started looking for a house seriously after they married in April.
“There’s potential in East Geelong, it’s a great area to get into,” she said.
Price expectations for the largely original house on a 345sq m block was $370,000 to $400,000, but with the amount of interest during the campaign and the size of the crowd, it was clear the property would exceed that figure on the day.
Buxton, East Geelong agent Matthew Pearce said more than 100 groups inspected the property in the three weeks prior to the auction, while it was the most anticipated property going to auction in Victoria at the weekend, with more than 7000 page views on realestate.com.au.
Bidding opened at $380,000 and Mr Pearce quickly declared the property on the market when the price hit $400,000.
Bids were at $5000 increments until the price hit $480,000, when the two final bidders duelled with $1000 bids until it sold for $500,000.
“It’s still not bad buying for East Geelong,” Mr Pearce said.
“There’s two ways you can look at it — that’s Thomson there (across the road) or you look at it as East Geelong and you got in at $500,000.
“At this stage that’s really good going. If you’re in Loch St (300m away) or anywhere like that, you’re paying $550,000 to $600,000 no matter how bad the house is,” Mr Pearce said.
East Geelong’s median house price has risen 43 per cent in three years to $610,000, according to CoreLogic data to March.
The suburb is one of Geelong’s most tightly held, with the average property held for more than 14 years.