Worst house in million-dollar sale

GEELONG buyers are set to build a big family home after winning a rare Park St property at auction on Saturday.

The buyers, who had another couple bidding on their behalf, secured the near 800sq m property at 24 Park St, Geelong, for $1.12 million.

The property attracted bids from four parties, including former mayor Keith Fagg, who ended up the underbidder on the fourbedroom house.

The california bungalow, which needs major renovating, has been owned by one person as an investment since 1972, McGrath, Geelong agent David Cortous said.

While it’s recently had the iron roof replaced, the peeling exterior paint is a sign of how little has been invested in upkeep over the years.

Mr Cortous, right, said the home was subject to a heritage overlay, meaning the facade would have to remain. But nearby homes show what can be achieved in this neighbourhood near Eastern Park.

“There is the opportunity for a family to live in prestigious Park St to build a big family home and park the family here for the next 20 years,” Mr Cortous said.

BELL PARK

A DEVELOPER plans to renovate a solid brick Bell Park home after buying it at auction.

The Melbourne buyer was the third to raise a hand for the three-bedroom house at 37 Elsie St, which sold for $430,000.

Harcourts, North Geelong agent Jasmin Jurkovic said the buyer paid over the $420,000 reserve for the solid brick house within walking distance of Kardinia International College.

Ms Jurkovic said the property had been passed down to the second generation.

“There was a bit of work that needed to be done, they decided that it was easier to sell. They would have been sad if it got demolished.”

GEELONG WEST

THE opportunity to buy a small cottage proved too tempting for first-home buyers to pass.

McGrath, Geelong West agent Will Ainsworth wasn’t confident that the twobedroom single-fronted house at 18 Waterloo St would find a buyer at auction.

But buyers, who paid $485,000 for the property after auction, remained curious.

“The people saw it for the first time on Saturday,” he said. “They thought they’d just come along and it ticked all their boxes.

“They’re first-home buyres moving from Melbourne to Geelong and they bid and we passed it into them and we negotiated a successful outcome after the auction.”

HIGHTON

THE price bracket around $400,000 is proving to be a crowded market, which the sellers of a three-bedroom Highton unit can attest.

The home at 2/6 Corland Drive, Highton, above, attracted six bidders and more than 50 bids before selling for $485,000.

Maxwell Collins, Geelong agent Shaun Carroll said strong interest in the property was converted into bids from four downsizers and two first-home buyers, keen to secure the spacious unit, one of two on the development.

“There’s a lot of buyers at that level — at lot of first-home buyers, downsizers and investors. We knew there was going to be a lot of interest.”

Mr Carroll said the bidding went $80,000 over the $405,000 reserve before a downsizer, who had already sold up in Newtown, was the last bidder standing.

EAST GEELONG

TEACHERS who had relocated from Melbourne have found their dream home opposite Geelong’s Eastern Cemetery.

The couple secured the funky 1930s house at 38 Humble St, East Geelong, for $670,000.

Eastwood Andrews, Geelong agent Amanda Frick said three buyers contested the property at Saturday’s auction.

“They were a young couple who have just moved to Melbourne to Geelong,” Ms Frick said.

“They’re teachers from the area. She said she’d reamed of a house just like this for her first home.”

Bidding started at $580,000 for the pad with high ceilings, open fireplaces, leadlight windows and timber and terrazzo flooring.