Young investor, 27, lands second property ahead of multiple bidders in Belmont
A young investor showed how it’s done at a Geelong auction where he beat multiple bidders to land a second property for his portfolio.
A 27-year-old snapped up his second investment property, adding a sought-after Belmont house to his portfolio at a weekend auction.
A glowing building inspection report drove competition for the three-bedroom cream brick house at 28 Nagle Drive.
It offered an attractive low-maintenance acquisition for the young out-of-town investor, who paid $634,500.
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Barry Plant, Highton agent Kieron Hunter said bidding opened at $500,000 as two investors from outside Geelong and a first-home buyer battled it out.
A flurry of fast-paced offers saw the price quickly sail past the $500,000 to $520,000 range.
Mr Hunter said investors were back in the Belmont market, going head-to-head with first-home buyers for affordable properties.
“There are a lot of three-bedroom, one-bathroom houses in Belmont … it’s the most competitive market place,” he said.
“What attracted people this property was that it was in a really good condition.
“There was a building report that said it was one of the best in that range he had seen so it was an original home but there was not a lot of maintenance because it was well built.”
The house offers a large loungeroom, separate dining room and an original kitchen which overlooks the north-facing backyard.
It’s walking distance to Clairvaux Catholic School and Christian College, with easy access to the city and Surf Coast.
Originally published as Young investor, 27, lands second property ahead of multiple bidders in Belmont