East Geelong buyers to reap reward of ex-rental renovations
Buyers will reap the rewards of renovations done to improve an East Geelong home for renters as sellers walk away with a $20K auction bonus.
Homebuyers are reaping the rewards of renovations to ex-rental homes that make them attractive to renters.
The ready to move in vibe is not only calling on first-time homebuyers, but others that are considering the opportunity to get a foot in a neighbourhood that’s on the rise.
A two-bedroom house at 13 Campbell St, East Geelong, offered character features such as original floorboards and decorative cornices, along with an updated kitchen and bathroom that attracted plenty of interest before selling for $601,000 at Saturday’s auction.
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Gartland, Geelong agent Will Ainsworth said first-time buyers were the biggest demographic for the property, which had been listed with a $530,000 to $580,000 range.
“We thought it was a really good price,” Mr Ainsworth said after the auction.
“It’s always a tricky one when you’ve got smaller homes with two bedrooms – they make it that little bit harder to work out where the value sits because it limits your buyer pool a little bit.”
Mr Ainsworth said the price guide attracted an overwhelming amount of people during the campaign, but as the auction loomed, they had to decide whether they were in or out.
“A number of first-home buyers erred on the side of ‘we will look for something else’, so we ended up with two bidders on the day and it was the first-home buyer who unfortunately missed out.”
Mr Ainsworth said the buyers were planning on moving in, but could renovate or rebuild down the track.
“It’s a great spot. Probably not the Golden Triangle in East Geelong, so it probably gets missed a little bit. I think in years to come people will say I can’t believe you picked that up for $601,000.”
Campbell St runs between McDonald and Carr streets if a part of East Geelong that’s off the southern end of Garden St.
That puts the pocket close to South Geelong Train Station but still close to shops at Breakwater Rd and Garden St.
The kitchen with pendant lighting and a stainless steel cooker and rangehood placed within a brick feature provided the option to move straight in.
There’s wide baltic pine floorboards, while the bathroom was also updated with floor and wall tiles and a shower over the bath.
The 481sq m provides plenty for the buyers to work with in any future plans.
Originally published as East Geelong buyers to reap reward of ex-rental renovations