Geelong apartment sets biggest price in a year on waterfront
Quality rises to the top as an Edgewater residence sets biggest price for 12 months for an established apartment in central Geelong.
They say quality rises to the top, but a three-bedroom waterfront apartment snapped up prior to auction might just prove that point.
Sold in a $1.725m deal to local downsizers last week, the transaction for 202/6-8 Eastern Beach Rd achieved the highest price for an established apartment on Geelong’s waterfront in the past 12 months, CoreLogic records show.
Wilsons Geelong agent James Wilson said the sellers, executers of an estate, decided to accept the “fair offer” for the made prior to auction.
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The property had been listed with $1.7m to $1.8m price hopes
“The owners were genuine about selling the apartment and the terms were favourable, so the owners were happy to sell it,” Mr Wilson said.
“While we were likely to have good interest on the day, I think the auction process can be a bit hit and miss at the moment, so a bird in the hand is better than two in the bush.”
Mr Wilson said waterfront apartments were definitely a niche market in Geelong, but homes within the Edgewater development continued to achieve strong prices in the 15 years since the project was completed.
CoreLogic data shows 47 apartments were traded in Geelong in the 12 months to April, with a median price of $610,000.
The previous owners had bought the apartment off the plan in 2009 and lived their since the building was completed.
“The previous owners really loved living there and enjoyed their time there.”
Edgewater set some big sales when the apartments were originally sold off the plan, but Mr Wilson said it wasn’t sustained through the complex with the project ultimately fell into receivership, a situation that occurred to several other waterfront developments around that time.
But it has since proved to be the best building on the waterfront by far, he said.
“It’s down to the design and fit out that it’s held up and been competitive for the past 15 years,” he said.
“There’s nothing that really parallels with that in terms of fit out and design.”
Mr Wilson said while the apartment appears dated, the position was in the thick of the action on the waterfront, with restaurants, shops and bars lining the street below.
Originally published as Geelong apartment sets biggest price in a year on waterfront