A small acreage property on the bay facet of Leopold bought $370,000 over reserve as a number of patrons scrambled to safe the prime life-style location.
The 1.1 hectare semirural parcel at 7-9 Mountjoy Road was snapped up for $1.22m at public sale on Saturday.
5 bidders contested the modest Nineteen Seventies brick home that Hayeswinckle auctioneer Danny Hayes described as a knockdown rebuild candidate.
The three-bedroom, one-bathroom residence was in the marketplace with the second bid of $850,000 and it got here down to 2 patrons who each wished the possibility to boost their households there.
The consequence delivered an enormous windfall for the distributors, who purchased the property for $685,000 lower than 4 years in the past.
Hayeswinckle, Drysdale itemizing agent Grace Borg stated the uncommon likelihood to purchase a smaller acreage property inside 10 minutes of each Geelong and the Bellarine Peninsula drove competitors.
“With that individual location, it’s very wanted and it’s not frequent to get properties of that dimension,” Ms Borg stated.
“Folks need one thing manageable, not everybody desires 40 acres, it was the right dimension for a interest farm.
“It’s such a clean canvas, you don’t have previous sheds that you should knock down.”
She stated the patrons have been a neighborhood household who deliberate to maneuver into and enhance home, which might be their long-term residence.
The floorplan consists of an up to date kitchen and meals space and a separate loungeroom with architectural home windows framing rural views and a double carport.
Ms Borg stated there have been few comparable gross sales for land of that dimension within the space however the consequence confirmed the power of the Bellarine Peninsula market proper now.