Sold: 23 Pine Ave, North Shore
The opportunity to add value to a property is literally all behind the purchaser of this quirky home in North Shore.
The three-bedroom weatherboard residence was snapped up for $680,00 at an auction on Saturday when three registered contested the property.
While layout of the home at 23 Pine Ave, North Shore offered three bedrooms and a central living, dining and kitchen zone, it’s real value lay out the back, said Jellis Craig Geelong agent Jeff Begg.
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That’s where the majority of the 1012sq m rear north-facing northern suburbs block stretched, offering potential for buyers the redevelop or renovate.
While there were two interstate investors lined up to land the opportunity, it fell to a local buyer who Mr Begg said plans to occupy the residence.
“He lives around the corner and works on the Spirit of Tasmania. So that coming into town has been a boon for us,” Mr Begg said.
“The value was in the land – so it was over 1000sq m, but you know that house itself had personality, it was quirky, but it was very comfortable.
The three-bedroom house offered an open living, kitchen and dining zone.
“But it also had value to be added down the track with a little bit of hard work.
“They could absolutely keep the house, put two behind it, or knock it over, and put one big home on it.
“There’s been a couple of nice homes that have sold in that pocket that have been knocked out and rebuilt. There’s value there now, and they’ve sold well over $1m.”
Mr Begg said the other bidders were an investor from Queensland, and the other one was from Sydney.
Adding new dwellings to the property would allow the owner to claim negative gearing and chose to take the 50 per cent capital gains tax discount.
Sold: 23 Pine Ave, North Shore
“There is still interstate investment money coming in at that price point and that North Shore pocket’s very underrated and undervalued in my opinion, which is why the investors see value there,” he said.
“But it’s central to Geelong, but it’s the close to Werribee on that side and the train station there as well at North Shore.”
The property had been listed with price hopes from $649,000 to $699,000.
“It’s nice to get one sold at auction. You know it’s just a softening market, but the auction process still delivers the right outcome for the vendor,” he said.
The 1012sq m property at 23 Pine Ave, North Shore offered scope to extend or redevelop.
“We were hoping for mid-sixes and it sold for $680,000.”
North Shore is a tightly-held northern Geelong suburb, with a tightly-held waterfront precinct pocket surrounded with industry able to achieve $1m prices for the right properties.
“They saw the opportunity was there,” Mr Begg said.
“For that particular site, the budget obviously worked in its favour, because if the investor wanted to knock it down and put three on it, they get the benefit.”
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