Buyers cross the bay to downsize

A MORNINGTON Peninsula couple is crossing the bay after securing a contemporary townhouse in Newtown at auction.

The couple outbid four other parties to purchase 3a Bosanquet Ave for $880,000, which was $70,000 above the reserve price.

McGrath, Geelong agent Jim Cross said it was a very competitive auction between the five bidders.

“The buyers are an older couple downsizing from the Mornington Peninsula and moving across to Geelong,” Mr Cross said.

They will be moving into the contemporary townhouse with three bedrooms and two large living areas. The ground floor consists of the main bedroom and open-plan kitchen, meals area and loungeroom. Having these facilities on the ground floor makes for easy living while upstairs can be used for guests.

GEELONG WEST

NEARLY a year after a sale fell through for a Geelong West house, a local couple has snapped it up after auction.

The two-bedroom house at 16 Addis St sold for $750,000 to the highest bidder from the auction after the property, was passed in.

The property last went to auction in September last year and the Geelong Advertiser reported it sold for $715,000.

Ray White, Geelong agent Laurie McGovan, pictured above, said the sale hit a snag and did not proceed last time.

Ten months later and the 715sq m property was “as rare as hen’s teeth” Mr McGovan said.

Two parties competed for the property before it was passed in at $735,000 to the couple that bought it straight after auction.

“They were attracted to the north-facing backyard and location … it’s a terrific parcel of land,” Mr McGovan said.

LARA

THE rental return for a Lara property was the biggest drawcard for a Melbourne investor.

The buyer outbid two first-home buyers to secure 77 Patullos Rd for $440,000 at auction.

Ray White, Lara agent Matt Wade said the auction started off slowly but once the property was called on the market at $425,000 it moved along nicely.

“First-home buyers keep getting priced out and this one was priced perfectly for those buyers but also for investors with a good return of about $380 to $400 per week,” Mr Wade said.

The three-bedroom brick veneer house is on 648sq m of land and has an open-plan kitchen and meals area and a separate loungeroom.

NEWCOMB

A FIRST-home buyer had better deeper pockets at a Newcomb auction, outbidding a developer to secure a property for $60,000 above reserve.

The two parties contested 22 Brayshay Rd, pictured above, with other interested parties not getting a chance to put in a bid.

McGrath, Geelong agent Ricky Forte said the first-home buyer was from the Bellarine Peninsula and secured it for $480,000.

“He was attracted to the block size and period-style house,” Mr Forte said.

“Newcomb is popular with everyone and definitely first-home buyers because you can get those period gem homes without the price tag.”

The charming weatherboard house is on 664sq m of land and has two large bedrooms and an open-plan living area.

Outside there is a deck and large shed and workshop.

HIGHTON

AN ADELAIDE investor has snapped up a Highton property after realising how strong the Geelong market could become.

A $500,000 vendor bid kicked off the auction for 21 Fryers Rd, Highton, followed by a live bid of $510,000 before the property was passed in.

Maxwell Collins, Geelong agent Eugene Carroll said negotiations with the sole bidder after the auction resulted in a sale within the $540,000 to $560,000 asking range.

“It sold to a young couple from Adelaide to use as an investment,” Mr Carroll said.

“Geelong has been well publicised that it is one of the go to locations in regards to investors and people moving down from Melbourne.”

Mr Carroll said the property would have a potential return in the low $400s per week.