34 Iona Ave, Belmont, has sold for $1.102m after a complete makeover.
A builder’s own renovation that completely transformed a former brown brick Belmont house has succeeded in doubling its value as five bidders contested the auction for the property.
The home at 34 Iona Ave, Belmont, which is nearly unrecognisable after the complete renovation, sold for $1.102m at a weekend auction.
Bidders pushed the sale price beyond the $955,00 to $1.05m guide McGrath Geelong agent Jim Cross set for the 634sq m property, adding $567,000 to its value.
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The kitchen and dining area features a raked ceiling and timber floors.
Mr Cross said the family had intended to stay in the home when plotting the renovation, but a change in circumstances sees them swapping cities.
But the quality of the work that was put into the four-bedroom, three-bathroom house ensured that a bevy of young homebuyers were keen to secure the address and enjoy the fruits of their labour.
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.
Built-in cabinetry features throughout the house.
Mr Cross said bidding opened at $950,000, as the mix of local young families and second-home buyers vied for the keys.
“He’s a registered builder, so he did all the work himself and the property was absolutely meticulous and beautifully presented,” Mr Cross said.
“The workmanship was amazing. Everybody that went through the property commented on that.”
One of three new bedrooms installed during the renovation.
The result underlines the heightened attraction for buyers of well-renovated properties on the market.
Mr Cross said homes in the area priced between $800,000 and $1m had been performing strongly.
“People are finding it a bit challenging to get capital to do renovations at the moment,” he said.
A walk-in wardrobe is concealed behind a feature wall in the main bedroom.
“But because building and material costs have gone up so much, they’re seeing the value in actually buying a property that’s already been done, opposed to taking on all that work themselves.”
There has been a number of sales in the neighbourhood in recent months, with properties that retain original floorplans, including some with cosmetic upgrades, selling for between $700,000 and $855,000, compared to the two completely renovated and extended homes that achieved prices above $1.1m.
The median house price in Belmont is $708,000, according to PropTrack data.
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