A BUYER who arrived late at an auction in Thomson proved it’s only important who holds the highest bid when the contract hits the auctioneer’s hand.
The owner-occupier made the late running for the renovated three-bedroom ex-commission home, which had attracted strong interest from a coterie of investors.
The property at 159 St Albans Rd sold for $418,000.
The renovations were freshly completed to the house, which Fruit Property, Geelong West agent David Phillips said attracted interest from a coterie of investors keen to unlock the strong 4.6 per cent rental yields in the suburb.
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However, it was the owner occupier, who arrived at the property 10 minutes after the bidding had started, who made the late running at the auction.
Bidding kicked off at $340,000 for the house, which is opposite Geelong Racecourse.
The first four bids were from separate bidders, demonstrating the depth of interest in the property.
But the investors shied away when the owner-occupier placed a bold final bid to secure the property.
“She was just buying for herself to move into, which is pretty rare to come across because a lot of investors are buying in Thomson,” Mr Phillips said.
“She was there 10 minutes after the auction started but when bidding went to $395,000 she started to get a bit more serious and came to the front of the group.”
The house sold $10,000 above the reserve.
Thomson’s median house price has jumped 14 per cent in a year to nearly $370,000.