AN APARTMENT a block away from the beach attracted four bidders to a Williamstown auction yesterday.
But an investor in a hurry couldn’t be attracted back inside the home after winning the keys — instead choosing to sign contracts in the street.
Location and an affordable $490,000-$530,000 asking price was enough for the two-bedroom apartment at 2/4 Gellibrand St to drive a bidding battle between an investor and a woman hoping to live in the home.
Near the end, the auction slowed to $500 bids as the emotionally invested underbidder refused to give in.
However, the Williamstown investor came in with a strong bid of $565,000 at the end of the auction and knocked the other bidder out and secured an investment close to home.
Sweeney, Williamstown, agent Dean Stanley said the result “surpassed expectations”.
“The location is absolute gold, not only to live but to invest,” Mr Stanley said.
“Bayside suburbs with close proximity to the city are bulletproof.”
He said about 40 groups had inspected the property during the campaign with a mix of first-home buyers and investors interested.
The apartment has a renovated kitchen with stone benchtops and stainless-steel appliances, a bathroom with a laundry, built-in wardrobes in the bedrooms, a private rear courtyard and access to a car park from Little Osborne St.
It may be empty now, but the apartment has a good rental history.
It most recently returned $390 a week.
“The apartment is absolutely fantastic, you could move straight in and not worry about a thing,” Mr Stanley said.
He also sold a one-bedroom unit at 1/29 Schutt St, Newport, at auction.
A Williamstown investor snapped it up for $312,000, within the $295,000-$320,000 price guide.
The ground floor unit has an updated bathroom, private courtyard, built-in wardrobe in the bedroom and a car space.