76 Foster St, South Geelong, sold for $700,000 after a quick campaign.
Demand for flip projects is running hot, with an original South Geelong home the latest entry-level prospect set for a modern makeover.
The modest two-bedroom weatherboard house was snapped up for $700,000 after attracting two offers in less than a week.
Geelong Real Estate Co agent Jess Templeton said other successful renovations in the neighbourhood gave buyers confidence of a good return on investment in 76 Foster St.
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The interior is in need of a refresh.
“This one was a project house and we have a lot of people that are looking for flips at the moment so that is the market that it attracted,” she said.
“The lady that bought it is going to live in it and do it up – she has a bit of a five-year plan – so not a flip necessarily, but anything that needs a bit of work we are getting so many calls on it.”
Behind its partially enclosed front veranda, the period home retains a classic four-room layout, with a mid-century kitchen and bathroom tucked on the back and an outdoor laundry and second toilet.
The 405sq m block has rear lane access to a single brick garage, with space to extend into the backyard.
The functional kitchen includes a freestanding gas oven and cooktop.
The front lounge retains high ceilings and a garden view.
The outdoor laundry has seen better days.
Ms Templeton said the property offered an affordable entry to South Geelong, though heritage restrictions put at least one buyer off.
“It was actually a heritage overlay property so that was also something for people to factor in,” she said.
“We had an offer around $675,000 from someone else but they withdrew after the heritage listing.
“This lady was just really eager to get into the Geelong market and we negotiated pretty quickly. It is a good entry level price point to get into South Geelong.”
The property had been advertised with $649,000 to $709,000 price hopes.
She said interest remained strong for homes up to around $900,000 in the current market.
“Under $700,000 is just that sweet spot, there is so much demand,” she said.
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