First-time buyers seize their chance in East Geelong
First-home buyers breaking out of the rent cycle have lined up for the chance to grab a prime piece of East Geelong real estate.
First-home buyers looking to get out of the rent cycle have lined up for the chance to grab a prime piece of East Geelong real estate.
The three-bedroom house at 394 Myers St sold for $825,000 at Saturday’s auction after two parties contested the 574sq m property.
Hayeswinckle, East Geelong agent Yan Lin said the property offered an ideal entry into a prestigious pocket of the suburb for a value significantly lower than a typical home.
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“Both parties were first-home buyers, one was renting in Highton and one was renting in East Geelong,” Ms Lin said.
“They all have younger kids, so they’ve wanted to get in to this area for probably two or three years ago, but they missed out a lot.”
The affordability constraints for the first-time buyers was clear prior to the auction, she said.
“They were just renting now and felt now was the time they wanted to get in,” she said.
Each party indicated they had budgets around $800,000 because they were borrowing a lot.
“So we had a reserve of $820,000,” she said.
“The vendor had a commitment to buy something already, so they were pretty realistic.”
The house proved a perfect entry to the pocket, which is close to the Garden St shopping village and Eastern Gardens.
She said it was a solid home.
“One buyer had a building inspection come back saying probably the roof needed to be replaced or changed in 12 months’ time. The rest was pretty good.
“It’s pretty good buying for any buyer to get in to that Myers St market, because anything with a complete renovation can be $1.3m.”
But $825,000 price also reflects the premium location.
East Geelong has a $770,000 median house price, which has declined 8.2 per cent in the previous 12 months, according to PropTrack data.
Ms Lin said she expects the buyers to slowly renovate the home.
The mid century house had a Spanish style with a white brick facade featuring arched windows and an arched gateway with iron gates into the main yard.
There is a light-filled living area at the front of the house with arched windows framing the garden view.
The adjoining kitchen has timber cabinets and stainless steel appliances.
There are three bedrooms and two bathrooms, including an ensuite.
New ducted evaporative cooling and gas wall heating.
Originally published as First-time buyers seize their chance in East Geelong