SATURDAY’s auction of an older style two-bedroom home near the beach in St Leonards blew the expected price range of $480,000 to $525,000 out the window by nearly $100,000 as five keen Melbourne-based investors exchanged 51 bids to see 9 First Avenue sold for $620,500.
With an attentive crowd of nearly 70, Neville Richards auctioneer and director Luke Campbell received a first bid of $450,000 from which there was no looking back.
The winning bidder from Melbourne was keen to get a foothold in the Bellarine property market and purchased the property as an investment to further develop in time.
Neville Richards director Luke Campbell said that the property had an exceptional amount of enquiry with over 100 groups through the opens.
“The market for this type of property close to the beach with heaps of potential, is as strong as I have ever seen it.
“Vacant land and older cottage style property are selling incredibly well with the high volume of interest from Melbourne-based investors seeing demand outweighing supply.”