The three-bedroom house at 203 Autumn St, Geelong West, sold for $755,000.
Five bidders chanced their arm for a Californian bungalow in a tightly-held Geelong West pocket.
The character home at 203 Autumn St, Geelong West, was snapped up for $755,000 in an auction result that exceeded the $640,000 to $700,000 expectations set for the 373sq m property.
Gartland Geelong agent Will Ainsworth said the buyer had recently sold in a neighbouring suburb and was on the lookout for a property to move in to and then renovate over time.
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Mr Ainsworth said first-home buyers made up the rest of the bidding pool in a further sign of the depth of interest in properties priced below $800,000 in Geelong.
“A lot of the interest was because it still retained a lot of its original character features. It had the ceiling roses, the polished floorboards and the open fireplace, as opposed to some other property where they take that out and put in square-set ceilings.
“It’s retained it’s features, it’s a really liveable home and it’s also the price range. Yes, it’s on Autumn St, but we didn’t have anyone really mention that it’s on a main road and that usually comes down to the value that they see.”
The home features high ceilings with decorative roses and polished timber floorboards.
The kitchen offered electric cooking.
Mr Ainsworth said at $755,000, the Autumn St property was a better buy than some recent sales of very “original” Geelong West homes that needed a fair bit of work.
And the retention of the character aspects would only add to the value, he said.
“As other people start to renovate and remove them, it’s becomes a scarcity aspect where people walk in and go all the houses I’ve looked at don’t have these.”
The sale cemented the property’s present value at below the $850,000 median house price in Geelong West.
Although the median house price had slipped 2.3 per cent this year, according to PropTrack data, recent sales had seen the figure rise 11.8 per cent in the past quarter.
Rear access from French St opened a single garage and workshop in the back yard.
Mr Ainsworth said the appearance of five bidders at the auction follows strong turnouts for properties also at the lower end of the market, flies in the face of suggestions rising interest rates and the fuel crisis would stop the market.
“They say around 3 per cent of the population is in buying or selling mode at any given time,” he said
“There are buyers out there and the sellers out there are there to buy and to sell.”
The character home showcases decorative shingles above the front porch, high ceilings with elegant roses and wide original floorboards.
The 373sq m property has rear access off French St to a single garage with a workshop.
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