Value added in top spot

NATHAN Braddock and his wife Liz had no inkling when they bought their house in Geelong West four years ago that its value was poised to go through the roof.

The couple paid $391,000 for the weatherboard residence at 20 Albert St and have spent their time there on a painstaking renovation.

Rapid price growth in the neighbourhood was one of the driving forces behind their decision to put it up for auction today at 10.30am.

The three-bedroom house, less than 200m from Pakington St, is expected to fetch between $600,000 and $660,000.

“I don’t think anyone is telling the truth if they say they could have predicted the growth in Geelong West,” Mr Braddock said.

“We bought Albert St four years ago for $391,000 and then, fingers crossed, we will get a really good result on Saturday. The growth through that period has been pretty crazy.”

The family has purchased another house in nearby Candover St.

But like many trying to buy in the market, they faced strong competition and rising prices.

“We have been trying to buy into the market for 18 months to two years, just going to auction after auction and getting blown out of the water,” Mr Braddock said.

“It’s particularly attractive to the Melbourne buyer. They couldn’t afford to live anywhere near as close to a cafe strip in Melbourne as to what they could here.”