34 Iona Ave, Belmont, goes to auction on Saturday with $955,000 to $1.05m price hopes.
Second-home buyers looking to upsize are driving sales across Geelong, with a builder’s own Belmont renovation firmly in their sights.
The top-to-bottom transformation has almost doubled the value of the family home after erasing all traces of its former brown brick self.
McGrath, Geelong agent Jim Cross said the quality work at 34 Iona Ave, Belmont, was proving reassuring to buyers who had outgrown their current properties.
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The kitchen and dining area features a raked ceiling and timber floors.
He’s set a $955,000 to $1.05m price guide for the four-bedroom, three-bathroom house ahead of its scheduled auction on Saturday.
Records show the vendors paid $535,000 for the house in 2019, but they’ve since remodelled the floorplan, adding extra bedroom accommodation, a home office and two ensuites.
Mr Cross said they did the renovations for themselves with the intention of staying but were now moving for work.
“It has just been finished in the last three months so it’s very current,” he said.
“It was three bedrooms and they have created a fourth bedroom, which is great. It’s unrecognisable from where it was when they bought it, but the old brown brick house had good foundations and good bones.”
The previous house is dramatically different.
A walk-in wardrobe is concealed behind a feature wall in the main bedroom.
One of three new bedrooms installed during the renovation.
He said the slope of the original 634sq m corner property had paved the way for a new elevated balcony with treetop views and a second outdoor entertainment area below.
The new-look house – now sporting a Scandi timber and white theme – also boasts a stylish main bedroom suite and second guest suite downstairs, as well as a renovated kitchen with a walk-in pantry.
Outside there’s dual driveway access and space to store a caravan outside.
Mr Cross said homes in the area priced between $800,000 and $1m had been performing strongly.
“A lot of younger families buying their second home see good value in Belmont and that particular street is pretty sought after,” he said.
The deck makes for a great outdoor entertainment space.
Built-in cabinetry features throughout the house.
Geelong buyer’s advocate Tony Slack said the return of first-home buyers had flowed through to create a stronger second home market.
“Family home upsizes, they are the ones that I have found seem to have a strong desire to upgrade,” he said.
“It’s like the chicken or the egg – you need the first-homebuyers in the market, which we have certainly seen in the last six months, because they purchase what was essentially the vendors’ first home.”
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