Young buyers with reno dreams secure Belmont, Hamlyn Heights homes
First-time buyers are taking advantage of a market flush with cheaper homes, landing circa $600,000 Belmont and Hamlyn Heights properties in post-auction deals.
Young buyers are keeping an eye on the future as they snap up original homes with future plans to renovate or extend.
A couple secured a two-bedroom at 32 Sycamore St, Hamlyn Heights, house in a $580,000 post-auction deal.
The buyers were the only group to bid for the 522sq m property at Saturday’s auction, Jellis Craig Geelong agent Malinda Leonard said.
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“We ended up with a few bids and it sold to a young couple that are going to fully renovate it,” Ms Leonard said.
“We got the sold sticker on. I had another three groups that were interested but weren’t able to bid unconditionally due to finance, so the buyers were lucky on the day.”
Ms Leonard said most buyers were looking at what the home could look like in the future.
“Most of the interest was first-home buyers – young couples looking to get into the market and putting their stamp on it further down the track because it was more than liveable,” she said.
“Just living in it for a bit and doing what they want to down the track because it’s pretty hard to get into the market at the minute.
“It was a good-sized block, north facing and because it was at the top of Sycamore St, the people that bought it are going to do a two storey and actually get incredible views,” she said.
“The biggest negative about the property was that it was only a two-bedder and the second bedroom was quite small.
“The living area was quite substantial.”
First-home buyers from Melbourne also pounced after auction, landing a three-bedroom clinker brick house at Belmont for $600,000.
Barry Plant South Barwon agent Matthew Constantine said the 460sq m property at 25 Watson Ave passed in and sold after auction.
The house featured an original, retro kitchen, high ceilings with decorative cornices and an updated bathroom.
But the position within walking distance of High St shops was a winner for the buyers, he said.
“I think that they’ve got friends in the area, so they were kind of comfortable in their recommendation, but certainly will take the opportunity to move in and make it their own over time,” Mr Constantine said.
“It’s very comfortable now, but probably would require a little bit of an update.
“But particularly proximity to the shops is one of the things that they mentioned.”
First-home buyers remain a strong cohort in a market flushed with ex-rental properties sitting within an affordable price bracket.
“The majority of ex-rental properties we’ve sold in the last six or 12 months, I’d say 80 per cent of gone to first-home buyers,” he said.
“In our experience the first-home buyers feel that they’ve got a fair bit of choice at the moment, because of the ex-rental stock coming to market.”
Originally published as Young buyers with reno dreams secure Belmont, Hamlyn Heights homes