Older Belmont houses ripe for redevelopment deliver big results
Buyers looking to add value through renovating or rebuilding delivered big results in the riverside suburb.
Older homes in Belmont are selling like hot cakes amid competition from buyers looking to add value through renovating or rebuilding.
Multiple bidders drove the $681,000 sale of an original weatherboard house at 24 Rugby Street.
The three-bedroom, one-bathroom residence on a 585sq m block beat reserve by more than $100,000.
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A local buyer upgrading from a unit saw the potential to renovate in a great location close to shops and schools.
Barry Plant, Highton agent Matthew Constantine said buyers were taking confidence from good results renovated homes were achieving in that area of Belmont.
“It’s the quintessential, untouched home and neat as a pin,” Mr Constantine said.
“One family has owned it since the day it was built and there’s plenty of opportunity to update and extend.”
It was land value that helped nearby 5 The Avenue, Belmont sell for $855,000 — $155,000 over reserve — at auction on Saturday.
The 804sq m corner block has an existing three-bedroom house but it was approved plans for three townhouses that drove strong competition from developers.
Hayeswinckle, East Geelong agent Jayden Overall said about 30 developers from Sydney, Melbourne and Geelong asked for the plans during the campaign but it was a Melbourne buyer, who only contacted him two days before the auction, that won out.
Mr Overall said a walk-up start in a popular location, so close to Highton Village, was a big attraction.
“It came with endorsed plans for three townhouses and it was meticulously planned, with each townhouse having its own street frontage and north-facing backyard,” he said.
“That street in Belmont, I believe, is one of the best streets in Belmont, it’s closer to Highton Village than most Highton residences.”
Developers were also among the 17 registered bidders for another three-bedroom house auctioned at 3 Carr Street, Belmont.
McGrath, Geelong agent David Cortous sold the 773sq m property for $755,000 under the hammer.
Price hopes had been $550,000 to $600,000 for the three-bedroom weatherboard house that was touted as an ideal site for a future townhouse development.
Originally published as Older Belmont houses ripe for redevelopment deliver big results