A Bell Park house the agent says is beyond renovation sells for close to $400K at auction
A house even the selling agent says is too far gone becomes a rare big Bell Park property to sell for an unbelievable price.
A rundown three-bedroom house the selling agent said was beyond repair has sold for close to $400,000 at auction.
The house at 12 Anakie Rd, Bell Park, sold on Saturday for $370,000, but not before the owner threw a curve ball that cost a few potential buyers.
Harcourts, North Geelong agent Joe Grgic said the house on the 651sq m property was beyond repair, making it the second sub-$400,000 sale for a block measuring more than 600sq m even more remarkable.
The property had been offered with price hopes of $299,000 to $328,900 and several buyers had to walk away when terms for the auction locked them out.
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“It was a fantastic result really, for that property and that location,” Mr Grgic said.
“That was I think really beyond renovation. It was pretty significant, the work there.
“But I do think they’re going to try and renovate and use it as an investment,” he said.
“When you think of a full-size block under $400,000, there is not much of an opportunity in Bell Park, Bell Post Hill or Hamlyn Heights.”
CoreLogic data shows the last house on a similar sized block to sell for less than $400,000 was at Alicia St in February, when a three-bedroom aluminium clad house was traded for $355,500.
In October, a modern two-bedroom townhouse on a 151sq m parcel sold for $370,000.
Mr Grgic said Saturday’s auction went ahead after the owner’s last minute decision to curtail the settlement period, losing several buyers in the process.
“We had a 30, 60 or 90-day settlement but the night before the auction the owner rang up and said we only want a 30-day settlement,” Mr Grgic said.
“We lost a few buyers but it still sold and we’re very happy with the result at $370,000.
“Being this time of year with Christmas and the new year, knowing the banks are out and even the conveyancers are closed, it was a curve ball that did upset potential buyers.”
Bell Park’s median house price has risen 12.6 per cent in the past 12 months to $490,000, Hometrack data shows.
Originally published as A Bell Park house the agent says is beyond renovation sells for close to $400K at auction