Auction result an indicator of top-end surge

A bumper $3 million auction sale result indicates the ongoing strength of the Bellarine’s premium property market, agents say.

The exceptional Barwon Heads location at 24 George Street fetched its asking price after being passed in at auction earlier this month.

The three-bedroom home had been promoted for its ideal location within a few hundred metres of the golf course, Thirteenth Beach and village centre.

 

Bellarine Property director Levi Turner said the result would have sat comfortably with surging prices from the previous summer.

“We had two bidders on the day, it ended up getting passed in and we negotiated the sale after and it sold for $3 million,” he said.

“It probably shows you that different segments of the market are performing significantly different.

“What we’re finding is the premium market in terms of location, or good houses – whether they’re finished at $1.5 million or $5 million – are still performing ok.

 

“It’s the segment of the market that needs renovating or rebuilding, or land, that’s probably harder.

“But this one in George Street, being a good location, is an example that people still want to buy in those really good areas

“That’s reflected in the price, I don’t think we would have got any more if it was in February this year.”