Result was a knockout
FROM a $50,000 knockout bid at an auction to 150 people inspecting a single home, there is plenty happening in Geelong’s property market, at the moment.
Rod Van Der Chys at Vanders Real Estate staged one of the more successful auctions of the weekend, with a $300,000 reserve price bested by $68,000.
A pair of first-home buyers and a developer fought it out to a final sale at $368,000 with value for money key, despite some prospective buyers planning expensive renovations.
“It’s livable as it is, but there were people there looking at doing the big, $100,000 renovation — and they saw it as an opportunity,” Mr Van Der Chys said.
“They are coming across the river and they are getting more land and a bigger house than you would on the other side.”
Across the Barwon the popularity of East Geelong has never been higher, according to Hayeswinckle AGENT sales agent Amanda Frick. There are large numbers attending open homes.
“I had at least 150 people through 12 Kernot St across the two days,” Ms Frick said.
And at the top of most lists are period homes that are tastefully renovated.
In nearby Whittington, 39 Oxford St sold via Hayeswinckle’s Stacey Billerwell at the weekend, while another unit in the suburb received an offer at its first open for inspection.
There are also signs the trend of smaller homes being built on subdivided blocks is rising, according to LJ Hooker’s Colin Smith.
“It’s a rising trend, families are smaller, there are more and more people living on their own and people are living longer,” Mr Smith said.
He said those performing well tend to be nearer to shopping centres or train stations — like units 1 and 2 at 8 Ardeche Ln, Marshall.
Mr Smith said the properties were part of an area that had been subdivided recently, with this block fur- ther subdivided into units.
The main interest in the properties has come from those looking to access the nearby railway station, plus its proximity to Belmont and the CBD.
“There’s interest them,” Mr Smith said.
“The demand is there, because people are downsizing and moving into something brand new.”
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