Property opportunity: Thomson continues strong entry-level run

THOMSON’S property market is continuing to strengthen with two entry-level properties being snapped up above reserve on Saturday.

With a median house price of $362,500, according to CoreLogic, local agents say it is no surprise more buyers are looking at the affordable area.

A brick house at 27 Olney Ave sold at auction for $430,000 after 14 bids from four separate parties.

Price hopes prior to the auction were $370,000-$400,000.

Hodges, Geelong West agent Ryan Shelley said there was a lot of interest from first- home buyers and investors, while auctioneer Sean O’Brien said this property was an opportunity of a lifetime.

“It is in a growth suburb on the edge of East Geelong and has had 16.5 per cent growth,” Mr O’Brien said.

The three-bedroom house is on 541sq m of land and has a large covered outdoor enter- tainment area.

Buyers Thomas Biddle and Sarah Loveband were thrilled to secure the property in an affordable location.

They are originally from Geelong but have just moved back from Adelaide and wanted to purchase a home, and the price and location of this one was just right.

A couple of streets away, 139 St Albans Rd also went under the hammer on Saturday.

Bidding started at $310,000 and several parties pushed it above the reserve of $350,000 to the sale price of $363,000.

Barry Plant, Geelong auctioneer Lloyd Moulton said the house was neat and tidy but could do with some love.

“Put in some elbow grease and reap the rewards,” Mr Moulton said.

“This much-loved family home is ready for its next chapter.”

Fellow agent Jay Roadley added that a renovation to the house would add capital growth.