Belmont sale shows solid growth

STRONG capital growth is evident in Belmont as a property has sold for about 15 per cent more than a year ago.

A year after 4 Leonard St, Belmont sold for $562,500, according to CoreLogic, it sold for $650,000 at auction on the weekend.

The value of the property has increased about 15 per cent, which is on par with CoreLogic data that shows the median house price in Belmont has risen 15.9 per cent in a year.

Ray White, Highton agent Ben Powe said the vendor bought the property in August last year and was a first-time developer but circumstances had changed.

“Properties like this don’t come up very often, there is opportunity to renovate, develop or extend,” Mr Powe said.

Bidding for the 1012sq m property started at $560,000 and two parties bid on it.

The local buyer is planning on renting the property out but might live in it for a period of time while renovating their own property.

NORTH SHORE

SUBDIVIDING a large North Shore block has paid dividends for the vendor.

The property at 18a Pine Ave sold at auction on Saturday for $436,000 after strong competition from two parties.

It is on the front half of a 1027sq m block that was subdivided into two after it last sold in 2015 for $439,000, according to CoreLogic.

Bidding for the original 1950s house started at $330,000 and was called on the market at $400,000 before selling after 24 bids.

Ray White, Lara agent Matthew Wade said it was an amazing opportunity.

“Corio Bay is at the end of the street and it is under an hour to Melbourne,” Mr Wade said.

Melbourne buyers, above, outbid a young couple to buy the property but have no plans for it yet. The now 500sq m property has a threebedroom house on it with an original kitchen.

HAMLYN HEIGHTS

CAPITAL growth in Hamlyn Heights does not seem to be slowing down with another property in the popular suburb snapped up after auction.

A vendor bid of $420,000 kicked off the auction at 20 Gladstone St and one bid of $430,000 followed from a first-home buyer before the property was passed in.

Maxwell Collins, Geelong agent Duncan Skene said the property sold straight after to the sole bidder for an undisclosed price between the asking range of $450,000-$470,000.

“She (the buyer) liked the area and had been looking for a while,” Mr Skene said.

He said it was a well maintained and presented family home, below, on a decent size block with a swimming pool out the back.

NORTH GEELONG

LOCAL buyers have outbid a Melbourne party to secure an investment property in North Geelong for nearly $100,000 above expectation.

The property, at 176 Thompson Rd, was hotly contested at auction and sold for $455,000 after being called on the market at $360,000.

PRD Nationwide, Geelong agent Laurie McGovan said the result completely exceeded all his expectations.

“Locals are matching Melbourne buyers and exceeding them, so many locals have so much confidence in our market,” Mr McGovan said.

The 644sq m property has a large threebedroom house on it and there is potential for future subdivision, subject to council approval.

GEELONG WEST

BEING selective has proved to be a winning formula for a first-home buyer that secured a Geelong West property at auction.

It was the first property the buyer had ever bid for according to McGrath, Geelong agent Will Ainsworth.

“He has a good success rate, he has been fairly selective with what he’s looked at,” Mr Ainsworth said.

The buyer, originally from Phillip Island and recently renting in Newtown, outbid two other parties to secure 17 Mowat St, Geelong West, below, for $445,000.

Mr Ainsworth said the other bidders were both investors. The 527sq m property has a twobedroom house.