The four-bedroom house at 27 French St, Geelong West, sold for $962,000.
Owners of a Geelong West character home they purchased almost 18 months ago will walk away more than $100,000 better off after a quick sale.
The Californian bungalow was snapped up for $962,000 last week, having spent just two weeks on the market before buyers made a move.
The sale price is $104,000 higher than the $858,000 the owners paid for the property in February 2024.
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Gartland Geelong agent Will Ainsworth – who handled both sales – said the owners had potentially added $50,000 themselves, having landscaped the property, installed central heating, created a fourth bedroom and painted extensively, but the rising market did the rest.
And unlike previous years in the wake of the Covid pandemic when short-term owners had to swallow significant losses in value, the owners walk away in front.
The property returned to the market after the owners purchased a bigger home earlier than they had initially planned, Mr Ainsworth said.
The four-bedroom house at 27 French St, Geelong West, sold for $962,000.
The rear living zone combines kitchen, dining and lounge areas and leads to the back deck.
Fortunately, rising sentiment in the market fed in part by falling interest rates and the federal government’s Home Guarantee Scheme raising the cut-off in Geelong to $950,000, meant five groups contested the property which sold prior to the scheduled auction.
“The did add some value, the landscaped it, they repainted, put carpet in and ducted heating, so call it $50,000,” Mr Ainsworth said.
“They certainly did that, but it was probably a combination of the price point that we initially put on it, and we had some really good numbers through.”
“One group in particular wanted to make an offer prior, which my vendor was, based on their circumstances, were more than happy to entertain.”
The sub-$1m price point for a four-bedroom house in Geelong West (the price guide was $850,000 to $920,000) was an obvious attraction, Mr Ainsworth said.
The four-bedroom house at 27 French St, Geelong West, sold for $962,000.
The four-bedroom house at 27 French St, Geelong West, sold for $962,000.
“It was a four bedroom, two bathroom home with really nothing to do.
“Fundamentally, you could always update the kitchen, bathrooms, etc. But it was a move-in ready home under $1m bucks in Geelong West.”
Mr Ainsworth said converting a dining room or study in the old floorplan to an additional bedroom opened to the property to more potential buyers.
“It just adds so much more value. Even for three-bedroom buyers, they go there’s an extra bedroom. And then you bring in the four-bedroom buyers as well.”
The house at the corner of George St, off which an electric gate opens to off-street parking, is walking distance to Shannon Ave cafes and Pakington St shops, plus local and Newtown schools.
The median house price for Geelong West is $850,000 – just 2.9 per cent below what was recorded 12 months ago.
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