Homes in Cambridge St, Evans St and Digby Ave, Belmont, sold at weekend auctions.
Improving cost of money is giving some homebuyers the confidence to chance their arm on properties needing renovating.
While house hunters have become more active after recent cuts to interest rates, it seems more buyers may be switch on to renovator’s delights, in the right circumstances.
Three homes sold at Belmont auctions demonstrated the rising sentiment.
Two were clinker brick houses owned by the same families for up to 70 years snapped up as buyers saw the value in purchasing at this lower point in the property cycle.
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Belmont’s median house price has increased just 2.2 per cent in the previous 12 months to $700,000, but the median days on market has dropped 20 per cent since the RBA’s first rate cut in February, PropTrack figures show.
Meanwhile, a two-bedroom character house at 14 Cambridge St, offered following a renovation completed since it last sold in 2020, was snapped up for $750,000 under competition between two bidders.
Buxton Highton agent Matthew Hunt said the location near the top of High St and close to schools was the biggest draw to the weatherboard house on a 596sq m parcel.
The two-bedroom house at 14 Cambridge Ave, Belmont, sold for $750,000 at auction.
The updated kitchen offers contemporary preparation spaces.
The updated bathroom is a shining feature.
Its renovations include an updated kitchen and bathroom, but Mr Hunt said some would want to plan an extension, adding a third bedroom and an open-plan living space.
“Although it was two bedrooms, it lends itself to do an extension down the track to add that extra bedroom, bathroom or a living, kitchen and dining area off the back,” Mr Hunt said.
A buyers advocate landed a clinker brick house on an 828sq m block at 9 Evans St for a Sydney purchaser.
Buxton Newtown agent Ben Riddle said it was a generational family home, sold after 60 years for $871,000.
“We found that most of the feedback was separated (from the house) by the block size for homebuyers in that $700,000 to $800,000 bracket,” Mr Riddle said.
“There’s probably better housing in Belmont, but the two parties that fought it out both saw the scope of the block of land – one to develop the backyard, the other on to at least extend the home.”
The three-bedroom house at 9 Evans St, Belmont sold for $871,000.
The main living area has a gas heater.
An original wood stove is in the kitchen.
The Geelong Agency’s Mitchell Falzon said a buyer saw a similar opportunity at 26 Digby Ave, where a three-bedroom clinker brick house occupied a 665sq m block sold for $700,000 – eclipsing price hopes by $50,000 amid competition from three bidders.
“It was a marvellous opportunity, considering the rear street access, and it’s in Digby Ave,” Mr Falzon said.
“It’s in the catchment for Roslyn Primary School, so it had everything going for it in terms of its access.
“Regardless of being a beautiful clinker brick with beautiful street appeal, inside it was in need of some serious work,” he said.
The three-bedroom house at 26 Digby Ave, Belmont, sold for $700,000.
Inside the retro kitchen at 26 Digby Ave, Belmont.
“It was a home that was probably owned for almost 70 years within the family, and over that 70 years, not a tremendous amount of work was done.”
Mr Falzon said interest from buyers prepared to renovate was rising.
“A switch has flicked and anything that needs renovations, or is ripe for pulling out the tools and getting to work, has got a tremendous amount of demand,” he said.
Mr Riddle said the location, particularly close to schools, was key to the success, particularly as a third interest rate cut is providing some positivity.
“The market is still grinding it way upwards. It feels like there’s still a bit of a black cloud, which is more government-related, but easing interest rates just brings it back somewhat.
“Our growth potential for the next one to two years is directly related to the cost of money – there’s nothing else that’s stimulating the market other than that.”
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