173-175 Bacchus Marsh Rd, Corio sold for $1.05 million via online auction.
Corio’s residential housing market has smashed through the million-dollar barrier with a record sale of a three-bedroom home on a big block.
Five bidders battled for the 1474sq m parcel of land, pushing the sale price to $1.05 million.
Ray White, Lara agent Matthew Wade-Taylor said the result was $200,000 over expectation, highlighting competition for potential development sites in the northern suburbs.
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He said a local buyer, who was as yet undecided on her plans for the block at 173-175 Bacchus Marsh Rd, Corio, edged out a Sydney investor who later went on to secure another property nearby.
“The house was not much chop but you could knock it down and build eight townhouses on there,” Mr Wade-Taylor said.
“The two highest bidders where an investor from Sydney and a local person from Geelong who actually inquired with me two-and-a-half hours before the auction, trying to get as much information as she could.
“She had not even looked at the house.”
The large site could fit eight townhouses.
An updated kitchen is among the existing home's best features.
He said bidding started at $700,000 but quickly climbed in $25,000 and $50,000 increments.
“It went crazy,” he said.
“There's a lot of developers looking down here.”
The result beat the previous suburb record for Corio, set just last month when a rare original period home at 218 Bacchus Marsh Rd sold for $855,000.
But the celebrations didn't end there for the vendors, who went on to score another $100,000 bonus at the subsequent online auction of another of their properties at 249 Princes Highway, Corio.
Developers were also attracted to 249 Princes Highway, Corio.
The house is in original condition.
That three-bedroom house on a 1165sq m corner block sold for $900,000.
Mr Wade-Taylor said the underbidder at Bacchus Marsh Rd, who was represented by a buyer's advocate, again recognised the development potential.
“With that property you could fit in a couple of townhouses and still keep the house at the front,” he said.
“It was on a corner with three street frontages.”
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