Bargain hunters see value in one of Geelong’s cheapest listings
A city fringe unit with one of most affordable price guides on the market sold sight unseen to a Tasmanian buyer at auction.
One of the cheapest properties in Geelong has been snapped up at auction with bargain hunters seeing value in the sub-$300,000 price tag.
Three bidders raised a hand for the original two-bedroom unit offered in a brick complex at 155 Verner St, Geelong.
A Tasmanian buyer bought the ground floor unit sight unseen for $282,000 after recruiting a Melbourne-based friend to bid on his behalf.
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It had been advertised with a $229,000 to $249,000 price guide, which Hayeswinckle East Yan Lin said drew investors with an entry-level budget.
“We had one from Geelong and two from out of town, one was looking for their kids to live there,” Ms Lin said.
“The buyers is from Tassie and I think he wants it to be a rental for maybe a year then he’ll do some renovations and then move in there.
“The other people are still looking to buy and they’ve all got budgets under $300,000.”
A potential rental return of $290 to $310 a week stacked up for buyers, who were competing for a desirable city fringe location within walking distance of South Geelong Train Station.
The unit has a lounge room and separate basic kitchen and meals area with electric cooking appliances and a large bathroom with room for a washing machine and clothes dryer.
While the vendor was a landlord cashing out of her portfolio, Geelong agents are reporting an overall return of investors to the city, a trend many see as a sign that prices may have bottomed out.
However purchasing a property in central Geelong usually requires much deeper pockets.
The median unit price for the suburb is $620,000, according to the latest PropTrack data.
Originally published as Bargain hunters see value in one of Geelong’s cheapest listings