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First-time buyers Jacob and Shan were the winning bidders in the Corio auction.
The modern renovation helped the Corio supplier receive a $90,000 bonus because first-time home buyers seized an affordable opportunity to enter the Geelong market.
The three-bedroom and one-bathroom brick house bid by three bidders is located 24 McKinley Avenue, Sold for $555,000 at the auction on Saturday.
The opening price of $500,000 was enough to beat the price hopes for a quiet stadium location, and buyers were vying for it from the beginning.
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Heiswinkel auctioneer Michel Winkel signaled bidders at the auction on Saturday.
After a long search, the winning bidder Jacob and Shan won their first home with a bid and stood out from the competition.
Hayes Winkel, Laura’s agent, Matthew Ward, said the strong results highlighted the advantages of auctioning houses in the northern suburbs of Geelong.
He confirmed that the deal was $90,000 above the reserve price.
The brick house has two living areas.
The updated kitchen has an island with additional storage space.
“Corio is not traditionally called an auction market, but we are slowly paving the way,” Mr. Ward said.
“We have some bidders who don’t even have the opportunity to bid.
“I think the renewal of the house is very attractive to buyers.”
The updated kitchen and lounge are one of the improvements of the house. It provides two living areas and a covered outdoor entertaining area.
The flexible double garage has a one-person cave or fourth bedroom.
A double garage with a full cave or fourth bedroom and built-in wardrobes adds to the flexibility of a 572 square meter property.
Buyers said that after expanding their search to the northern suburbs, they are happy to finally gain a foothold in the market.
“We have already set prices in other suburbs, and this has been done,” Shan said.
CoreLogic data shows that the median house price in Corio has risen 12.4% in the past 12 months to $443,672.
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