23 Tettenhall Ridge, Belmont, sold for $655,000 at auction.
EIGHT first-home buyers joined an online auction as a renovated 1970s character home in Belmont sold $35,000 over its reserve price.
The buyers punched in bids to an auction app chasing the keys to the four-bedroom house on Saturday.
The brick veneer house at 23 Tettenhall Ridge sold for $655,000.
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Bidding opened at $579,000, with seven in the running when the price hit the $620,000 reserve.
The eighth bidder entered the fray as bidding neared $650,000.
23 Tettenhall Ridge, Belmont, sold for $655,000 at auction.
Barry Plant, Highton agent Kieron Hunter said the character and presentation were driving buyers to the property, quoted below $600,000 during the campaign.
The kitchen and bathroom were new additions.
A Highton couple bought the 631sq m property, Mr Hunter said.
“Everyone who was bidding on it was a first-home buyer,” he said.
23 Tettenhall Ridge, Belmont, sold for $655,000 at auction.
“Everyone loves that character from the 1970s now. Anything mid century, anything with high ceilings now is really sought after.”
First-home buyers are making the most of their chances to break in to the property market amid the COVID-19 pandemic, with incentives like stamp duty concessions extended until 2021 and record low interest rates.
“They see it as a good opportunity to get in the market,” Mr Hunter said.
“It’s the most competition I’ve seen, really since 2017-18.”
23 Tettenhall Ridge, Belmont, sold for $655,000 at auction.
Low stock on the market also helped drive competition.
“I’m sure there is every reason why they want to buy,” he said.
“They are sick of paying rent.
“The rates have come down or maybe they’re still living at home with their parents and being in lockdown gives them a better excuse to get out there.
23 Tettenhall Ridge, Belmont, sold for $655,000 at auction.
“But the low interest rates just pave the way for them if they’ve got their deposits.”
Victorian Treasurer Tim Pallas last week revealed about 2000 first-home buyers in Geelong received stamp duty waivers or concessions on properties valued under $750,000 in 2019-20.
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