City renovation still paying out
A COMPLETE renovation to a period home in central Geelong has continued to pay dividends after 15 years.
The property at 71 Fitzroy St, Geelong sold last week for the third time since the double-fronted Victorian residence underwent the makeover in 2005.
McGrath, Geelong agent David Cortous has handled the transactions each time.
Buyers planning to relocate from the coast paid $1.05 million for the fourbedroom house, which sold more than a week prior to auction.
That’s an increase of more than $300,000 since it last sold in 2014 for $748,000.
The first post-renovation sale netted $635,000 in 2007.
That’s 40 per cent capital growth over six years as owners rode a boom in the market.
Geelong’s median house price has risen 30 per cent in five years to $661,500, according to Hometrack.
“There had been maintenance done on the property but it was basically exactly the same property from when it was first sold in 2007,” Mr Cortous said. “The demand for those types of properties are very strong.
“Two people battled that out prior to auction, one from Melbourne and one from the coast moving into the Geelong. The people from the coast bought it.”
Mr Cortous said the sellers were happy to take the preauction competition.
“The real estate environment is obviously changed like the rest of the world at the moment so the vendors were happy to sell prior,” he said.
“They had a good, solid cash offer on the table on a 30-day settlement — that holds a fair bit of weight — so they were happy to take that.”
The renovation had created a lifestyle property to capitalise on the cafe culture around central Geelong.
The makeover divided the residence, leaving four bedrooms at the front, before opening to a spacious splitlevel, open-plan zone offering formal and casual living.
“That is an example of what a quality renovation does, because that house is still up to date, it’s still holding its own all those years on,” Mr Cortous said.