2 Cranley Court, Grovedale, sold for $515,000 at auction.
Buyers with an eye for an affordable opportunity to add value have jumped on properties taken to auction in Grovedale and Highton.
Four bidders, who were all tradies, were active at the auction of 2 Cranley Court, Grovedale, where the three-bedroom house sold for $515,000.
Hayeswinckle auctioneer Michelle Winckle said the final bidder placed a $20,000 bid to scuttle the competition for the 665sq m property where the reserve was $470,000.
RELATED: Where rents are rising or falling in Geelong
Six bidders raise a hand for Belmont stunner
Geelong’s best suburbs for buyers revealed
Hayeswinckle agent Michelle Winckle said tradies were lined up for the Grovedale house.
Grovedale’s median house price of $665,000 has eased just 1.5 per cent in the past 12 months, PropTrack data shows.
Ms Winckle said each of the hopeful buyers wanted to score the opportunity to revamp the home, which was built in the 1970s.
The brick veneer house was presented in as-is condition, giving people the opportunity to see for themselves what work would be ahead of them.
Buyers were given a clear indication the house was ripe for renovation.
The house was described as entry-level buying for tradies or keen renovators.
“They were actually all tradies looking at buying something and holding it as an investment, because it’s an affordable entry into the market,” Ms Winckle said.
“It needed a lot of work done, so it needed to be completely renovated on the inside, so they’re going to do that and keep it as an investment.
“This one needed carpet, painting, bathroom, kitchen, so it needed extensive work.”
It was a similar story at 12 Linton Lane, Highton, where two bidders saw the original two-storey house as a chance to secure a residence with Barwon River valley views.
12 Linton Lane, Highton, sold for $755,000 at auction.
Barnett, Geelong agent Jason Barnett said it was fair to describe the property as a “worst house in a best street” scenario.
The three-bedroom residence sold for $755,000, which beat price hopes for the 857sq m property by $45,000.
The price is entry-level in 2024 for the street that runs parallel to North Valley Rd, where renovated houses on similar sized blocks have been selling for more than $1m.
The property framed panoramic views across Geelong.
The house directly opposite on the “down side” of the street sold for circa-$1.3m in May.
It was a renovated Modernist house but could give inspiration for the sort of value new owners could create through renovating.
Mr Barnett said the buyers had hoped the property on the “up side of the street” could become their “forever” home.
“Which is fair enough because if you drive home and you get to sit out there and look out over all of Geelong, it’s pretty cool.”
12 Linton Lane, Highton, sold for $755,000 at auction.
The house is split over two levels by a concrete slab floor, with a garage, living room, laundry and bathroom below, while the main floor has three bedrooms, a loungeroom, kitchen and bathroom.
“For the buyers, it was just the view, it’s amazing and they were trying to get into a good street,” Mr Barnett said.
“I don’t think it’s too mean to say to buy the worst house in the best street. They just plan to renovate it over the journey.”
English (US) · 