Family grabs renovator’s delight as three bidders chase bargain
A family is set to roll up their sleeves after snapping up an original weatherboard house in one of the cheapest deals in Leopold this year.
A family with trades under their belt has snapped up an original weatherboard house at Leopold as a renovation project.
The three-bedroom house at 20 Ash Rd was listed for sale with $369,000 to $399,000 price hopes, which reflected the land value of the 674sq m property.
But three bidders at Saturday’s auction pushed the price well past the reserve to achieve a $432,000 sale under the hammer, earning a more than $30,000 bonus for the sellers.
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It was the third-cheapest price paid this year for a house in Leopold, where the median house price is $675,000.
Hayeswinckle, East Geelong agent Tiffany Simpson said although Leopold was not an area where homes are traditionally taken to auction, the unique appeal of this property particularly with investors necessitated the transparent transaction process.
“The property was virtually land value, which was around $390,000 to $400,000 and the property either needed significant funds to bring it back either from a rental perspective for an owner-occupier.
“It was purchased by a couple that live in Ocean Grove and they are going to renovate the property with their family.
“They are tradies essentially so have the tools and will be able to account for the labour cost for the work themselves.”
Ms Simpson said the two underbidders were both investors who had registered to secure the 674sq m property as a townhouse development site.
She said it was a competitive auction, with 43 bids including the last 14 of $1000 increments before the successful party emerged.
Ms Simpson said more investors were in the running for properties of late
“They are coming back, which can only benefit the town by them creating that level of excitement that we are seeing for the demographic.
The property was marketed as a renovators delight.
The floorplan offered three bedrooms, two living areas and was dubbed a perfect entry-level property for tradies or renovators.
The property is near the Ash Rd shopping strip, a bus stop and Leopold Kindergarten, with proximity to the town’s primary school, Leopold Community Hub and Gateway Plaza shopping centre.
Originally published as Family grabs renovator’s delight as three bidders chase bargain