Almost 12 months to the day after they bought 46 Bourke Cres, Geelong for $780,000 in boom conditions, they sold it on Saturday for $722,500.

Four bidders made a play for the three-bedroom Victorian-era house, which is ripe for renovation, at auction on Saturday.

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It passed in for $715,000 and sold immediately afterwards during negotiations with a local buyer.

McGrath, Geelong agent David Cortous said the result was a snapshot of how some segments of the market had changed over the past year, although the trend was not reflected across the board.

He said the property sold for significantly above reserve amid strong competition back in 2018.

“If you sold in winter last year that was the top of the Geelong market,” Mr Cortous said.

“Things have probably settled back from the highs of last winter.”

Last CoreLogic data shows Geelong’s median sale price rose 1.4 per cent in the three months to March and sits at $730,000.

Mr Cortous said 46 Bourke Cres was an opportunity to join the ranks of one of Geelong’s premium leafy streets.

He said the new owner, who lives in nearby Maud St, planned to renovate the house, which has previously been split into two separate apartments each with its own kitchen and energy meter. The property also comes with rear lane access.

He outbid another buyer from Melbourne and a neighbour who has renovated two other character homes in Bourke Cres.

“This is Geelong’s most premium street, a nice wide street, tree lined and it’s littered with gorgeous period homes,” Mr Cortous said.