What one Geelong house auction tells us about Victoria's shifting property market

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After two years of record-breaking house prices, Jackson and Emma want to take advantage of the heat. But as signs of a cooling market turn into reality, they may have come too late.

The heat is dissipating, but the flames are still there, Nathan says.

They were forced to up their budget by $70,000. They can't go any higher, they say. And they're hoping the market doesn't either."But it's a tough market," the woman says.Almost everyone who looked through the home had missed out on other houses multiple times. Dozens of groups came through the home over the three-week campaign with many trying to put an offer in before auction.

If they are priced out of Bell Post Hill they'll just go back to Melbourne where they work, they say, and try for an apartment.Nathan says last year some homeowners were earning more in capital growth than working full time. Just after 11am, Nathan hushes the crowd, explains the eight rules of an auction and reiterates there will be no cooling-off period: if you bid and win you've bought the place, no turning back.

Then, it seems, the bidding takes off. Another bidder offers $630,000, the man with the white beard goes to $640,000.Nathan is now looking for $660,000 but there's just more silence and glances between couples.Nathan walks inside and walks out less than a minute later and tells the crowd the reserve is $660,000.

 

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