Bidding war behind closed doors

NOT selling at auction is not the end of the matter as vendors are discovering across Geelong.

In Manifold Heights, 1 Lascelles Ave was passed in at auction after three vendor bids of $500,000, $510,000 and $530,000.

Buxton, Newtown agent Ben Riddle said it was surprising when you don’t get a bid and then get nine to 10 phone calls in the 48 hours after it and multiple offers.

“You run the risk of getting into a bidding war behind closed doors and that’s what we have at the moment,” Mr Riddle said.

He said he was still in negotiations but was confident it would be sold in the next day.

“A lot of the interest is local, with a few Melbourne parties, and a lot of first-home buyers, it is very difficult to get under $500,000 in Manifold Heights,” he said.

Mr Riddle said most interested parties wanted to add value to the house and some saw it as an investment.

The three-bedroom house is on a 490sq m block and has a kitchen, joint loungeroom and dining room and a sunroom at the rear of the house.

Meanwhile in the neighbouring suburb Hodges, Geelong West agent Marcus Falconer is negotiating with a Melbourne party after 20 Addis St, Geelong West passed in at auction.

The four-bedroom house has three living areas, blue gum timber flooring, kitchen with Omega appliances and a covered entertainment area outside that flows to the north-facing backyard.

CoreLogic data shows the 696sq m property last sold for $1.005 million in April last year. It now has price hopes of $1.159 million.

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