The three-bedroom house at 27 Catherine St, Geelong West, sold for $697,000.
Strong bidders between rival first-time buyers were a welcome sign for the sellers of a 1920s miner’s cottage in Geelong West.
Not because the competition added more than $50,000 above the expectations to the selling price, which is did, but because after 77 years held in the one family, the new owners are set to make their start in the inner city address.
Gartland Geelong agent Will Ainsworth said the two bidders found themselves on the wrong side of a recent three-way auction battle when they missed out on a home in Aberdeen St.
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Mr Ainsworth said they met again at 27 Catherine St, where the competition netted a $697,000 sale price for the sellers.
The 390sq m property had been listed with a price range of $590,000 to $640,000.
“Both the people who missed out on that home bid on Catherine St on Saturday,” Mr Ainsworth said.
“One was a first-home buyer and they ended up securing the property. The other was an investor.”
High ceilings feature throughout the home.
The rear kitchen is a basic space.
The pair took the auction from its $590,000 opening bid to its conclusion, Mr Ainsworth said.
“The property had been in the owner’s family for 77 years and he was born there,” he said.
“He had it for two years but it was a very emotional and difficult sale for home, but to know that it’s from to some first-time buyers, he was really, really pleased.”
The home balances original character with the opportunity to add value through renovation.
The property is not covered by a heritage overlay, providing the scope to renovate or extend.
The property saw within a price range where few properties were offered for sale but prove popular, especially for first-time buyers.
Split-system airconditioning and a fireplace feature in a dining room.
There’s plenty of space to stretch in the back yard of the 390sq m property.
The median house price in Geelong West sits at $846,250, having slipped 3.6 per cent in the past 12 months.
“Anything sub-$700,000 in those streets in Geelong West,” Mr Ainsworth said.
“The property definitely needs some level of work. It’s liveable as it is, but it’s one of those where you can move in and they can be happy there for live years, or they can do a renovation straight away.”
Mr Ainsworth said the owner had replaced the roof recently, while the house had been repainted.
“It’s a really nice property. I’ve sold quite a few properties in that little pocket and it’s just a really good community.”
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