Bidding war for bungalow
A MELBOURNE couple has outbid a former Geelong Cats player to secure a property in Belmont’s riverside precinct.
The couple secured 18 Kardinia St for $635,000 on Saturday after a tense battle with current St Mary’s player Josh Cowan.
There was strong competition for the 1920s bungalow with bids going down to $500 increments in the end.
Bidding started at $510,000 and the property was called on the market at $600,000.
Seven parties bid for the property before it came down to just two bidders.
Buyers Andrew and Leah, who are in the building and real estate industry, were thrilled to secure the property after monitoring the market for about six months and actively looking for about a month.
“We were attracted to this house because it is close to all the amenities, the river is right there with parklands and walking trails,” Andrew said.
Leah said they decided to buy a property in Geelong because they saw value in the area.
Stockdale & Leggo, Belmont agent Laura Berry said this was the first time in more than 30 years the property had been listed for sale.
“There is a lot of work to do to it but it is all about location and we have it here in spades,” Ms Berry said.
The 1920s bungalow has two street frontages, is on 520sq m of land and has a floorplan consisting of three bedrooms, two bathrooms, a kitchen, meals area and lounge plus a kitchenette.
Original features have been retained including leadlight windows, high ceilings and dado rails. The buyers plan on renovating the house.
CoreLogic data shows the house last sold for $26,000 in 1975. Data also shows the median house price in Belmont has increased 14.1 per cent in the past year to $485,000.