A 25-year-old tradie has landed a Norlane fixer upper and kept a sizeable amount of change from his budget to get started on the required renovations.
The four-bedroom Camellia Crescent house sold for $412,000 at an auction on Saturday.
Hayeswinckle, East Geelong agent Yan Lin said there were four bidders vying for the 650sq m property, including three investors.
But the owner-occupier won the day as the investors were keen to grab it for as close to its land value as possible.
A 25-year-old first-home buyer has bought 58 Camellia Crescent, Norlane, for $412,000.
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“He’s 25 years old and a tradie. But that one is land value at $390,000, so (it needs) a $100,000 renovation,” Ms Lin said.
“He’s going to restump the back extension first. But it’s still got four bedrooms, a big living space and two bathrooms and he’s happy to slowly upgrade it.
58 Camellia Crescent, Norlane, sold for $412,000.
“He’s had a budget around the $460,000 mark. We sold it for $412,000, so he kept $50,000 for the renovation.”
Ms Lin said the vendors decided to sell after being left with a big clean up bill from the last tenants.
She said estimates to renovate the home came in at around $100,000.
Meanwhile, the owners of a three-bedroom house at 20 Fryers Rd, Highton were getting out of the property for a different reason.
An ACT investor has paid $580,000 for the three-bedroom house at 20 Fryers Rd, Highton.
Ms Lin said the vendors had initially bought the cinder block house for $570,000 as they were after its 654sq m block for which they planned to subdivide the property.
In the meantime, the home has been leased out at $430 per week.
When cost estimates for the project came in at around $700,000, on the back of a big rise in building costs, Ms Lin said the owner decided it was time to get out.
The property was sold for $580,000 after a Sydney-based buyers agent hit town with a shopping list for five clients.
An ACT investor has paid $580,000 for the three-bedroom house at 20 Fryers Rd, Highton.
Ms Lin said the agent was acting for an ACT-based investor who was attracted to the city for its affordable entry point.
A short settlements of 25 days means they owners get the money sooner, she said.
Ms Lin said it was a strong result considering Indian investors were insisting they only wanted to pay $520,000 for the property.
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