Buyer puts hope on the bank

THE buyer of a Geelong West period renovation project is set to build up the equity in the property before calling in the tradies.

The local investor paid $80,000 over the reserve to secure the three-bedroom house at 18 Hope St at auction.

Whitford, Newtown agent John Moran, pictured below, knocked down the double fronted house for $620,000, beating the $540,000 reserve price with four bidders raising their hands during the auction.

“They were local investors looking to land bank the property hoping to do a renovation and extension down the track,” Mr Moran said.

“The home has deteriorated inside, so to come in, take the back section off the house and go back or up — the home really lends itself to getting that renovation done straight away.

“But these guys will get it done further down the track.”

LARA

A TWO-hectare lifestyle property close to the centre of Lara has sparked a bidding war pushing the price more than $80,000 above the auction reserve.

Ray White, Lara agent Terry Cleary took 40 bids from six buyers before selling the house at

65 Thornton Rd, Lara for $910,500. Mr Cleary said there was three local bidders in the crowd and a buyer from Sydney on the phone, but two families from Werribee showed how desperate they were to secure the property.

On offer was a four-bedroom house with two living areas, a large covered patio and a separate four-car garage complex with a separate entertainment area, including a built-in bar. Mr Cleary said the reserve was $830,000. “The home itself is a beautifully presented four-bedroom brick veneer home on five acres so it’s a lifestyle property,” Mr Cleary said.

GEELONG

A YOUNG couple from Melbourne has joined the slow migration down the Princes Freeway after purchasing a three-bedroom Geelong california bungalow before auction.

Buxton, East Geelong agent Jarrod Leonard said the home at 142 Verner St sold to the young family the day prior to auction for $780,000.

“It’s purely lifestyle. It’s a family oriented spot. There’s still access to Melbourne, which is really good. It’s very much a lifestyle thing for them,” he said.

The weatherboard house has an open-plan formal lounge and dining room and a separate living area at the rear.

BELMONT

YOUNG Melbourne investors stayed on the phone while buyers advocate Tony Slack secured a four-bedroom Belmont house at auction.

The clinker brick house at 24 Culbin Ave attracted a big crowd to the auction, which resulted in a $686,000 sale.

Barry Plant, Highton, auctioneer Ian Nichols, pictured below, said the house had been in the same family for 30 years in one of the best pockets of Belmont.

“It’s 139 steps from here to the closest cafe and it’s 423 steps away from the closest pub and High St,” Mr Nicols said.

For the investors, it’s a ready-made rental courtesy of a full renovation that highlights the polished timber floorboards through the open plan kitchen, meals and living area with gas heating, split-system air conditioning and Art Deco ceiling embellishments.

BELL POST HILL

LARGE houses and big blocks are a hallmark of Bell Post Hill that’s attracting so many investors.

The three-bedroom yellow brick veneer at 79 Ruhamah Ave house is built on a 629sq m block that boasts an extra-wide street frontage.

Maxwell Collins, Geelong agent Shaun Carroll said the home attracted four bidders at auction, selling for $425,000.

“The investors were looking at it because it had a good sized yard and no easements on it,” he said. “We had people looking at it as an investment and land banking as well and developing down the track.

The added attention was to the seller’s favour, with potential purchasers also including first-home buyers, given the low $400,000 price point.