The three-bedroom house at 9 Eureka St, Geelong West, sold for $658,000 at auction.
A combination of affordable price point and location drew out five buyers to have a crack at a circa 1970s brick house in Geelong West.
People from across the buying spectrum were active as the three-bedroom house at 9 Eureka St was offered at Saturday’s auction, selling for $658,000, Buxton, Newtown agent Ben Riddle said.
“A young guy who needed to be close to public transport was the winner on that one,” he said.
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“He works in Melbourne and just needed to be able to commute, so that was the location he wanted.”
Mr Riddle said the home itself had been in the one family for a long time and needed some updating.
“But a lot of people saw that as the most affordable option to get in to one of those better pockets in Geelong,” he said.
“We were on the market at just over $600,000 and ended up having people carry it to $658,000.”
The brick veneer house was built around the 1970s, so much different to the neighbouring timber character houses lining the neighbourhood.
The front room is an open living space.
The kitchen still sports the dark wood grain veneer and bright orange laminate benchtops.
But its construction, and style, boasting loud laminate benches and yellow glass internal feature doors, were in part the most redeeming feature for buyers.
“The attractive thing was that it was brick,” Mr Riddle said.
“So while it lacked character it was probably structurally a lot more sound then some of the timber homes at that price point.”
“So most people felt like there was good value in the fact that structurally they didn’t need to do a lot of work, it was just cosmetic.”
Mr Riddle said a lot of similar aged timber homes do require restumping and more cosmetic work.
A rear lane gains access to the carport.
“This one, being brick, lacked a little bit of the street appeal, but certainly was a lot more solid to work with for people that wanted to update it.
Geelong West’s median house price is $859,000, according to PropTrack.
Mr Riddle said the bidders were a mix of investors, renovators and homebuyers.
“It’s been a while since we’ve had an auction where all parts of the market have probably participated,” he said.
“I would have thought the combination of location and price point were probably the main two drivers for that level of competition.
“We are seeing a slightly different market out there with perhaps more appetite for people to transact.”
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