Craigieburn, the three-bedroom Federation home at 418 Ryrie St, East Geelong, sold for $1.47m at auction.
A grand East Geelong period home where a recent extension carries the heritage character throughout the residence has earned a big payday for the long-term owners.
The three-bedroom home at 418 Ryrie St sold for $1.47m as three bidders contested the 524sq m property opposite Eastern Park at an auction.
Gartland Geelong agent Will Ainsworth said the competition was made up of local buyers, with two other potential buyers keeping their hands in their pockets as the price accelerated $75,000 above price expectations.
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The Federation-era home, Craigieburn, was listed for sale with price hopes from $1.275m to $1.395m.
The owners paid just over $400,000 for the property in 2009, records show.
Mr Ainsworth said the home’s character and the quality of the extension appealed to the buyers, who were in the market for a turnkey residence.
“It was just a really good property that had been done so well they had taken care of everything,” Mr Ainsworth said.
Craigieburn, the three-bedroom Federation home at 418 Ryrie St, East Geelong, sold for $1.47m at auction.
“The buyers said they wanted a house they could just walk straight in to and do absolutely nothing.
“They had looked at comparable properties that claimed to have that, but they would have to repaint to re-carpet or just do something. I guess for future sellers, go the extra mile and do everything that you can.”
The home offered an intricate Federation facade complete with a classic veranda, fretwork and colourful leadlight windows, while the high ceilings inside showcased ornate roses, pressed metal ceilings and a dramatic arch in the wide hallway.
Craigieburn, the three-bedroom Federation home at 418 Ryrie St, East Geelong, sold for $1.47m at auction.
Engineered timber floors, a fresh white colour palette and plantation shutters helped keep the theme throughout the home, including the expansive living zone complete with a designer kitchen flowed to an outdoor deck through bi-folding doors.
Mr Ainsworth said the renovation paid homage to the character of the original home, which lies walking distance from East Geelong’s Garden St shopping village.
“They didn’t put a modern box on the back, they very much carried it through. Even though it has very modern appliances and features, they pushed (the character) all the way through.”
Craigieburn, the three-bedroom Federation home at 418 Ryrie St, East Geelong, sold for $1.47m at auction.
Mr Ainsworth said the extension maximised the use of the block, with the outdoor area in the backyard and a double garage accessed via a rear lane.
“It also has a room on a second storey that they had used as a living room but it was very versatile that it could’ve been a fourth bedroom or another living area.
“It allows the buyer to come in and decide what they wanted to do with it.”
The home is the 12th in East Geelong to sell for more than $1m this year amid an improving market, including eight within the suburb’s famed “Golden Triangle” near Eastern Park.
Craigieburn, the three-bedroom Federation home at 418 Ryrie St, East Geelong, sold for $1.47m at auction.
East Geelong’s median house price was within reach of $1m just three years ago, but has since dropped more than 16 per cent, according to PropTrack data, particularly as the number of top-end property sales dried up.
PropTrack shows East Geelong now has a median hous price of $784,250, which has climbed 1.9 per cent in the past 12 months.
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