86 Sydney Parade, Geelong, sold for $560,000 at Saturday’s online auction.
The chance to score a rare central Geelong house at a sub-$600,000 price was not lost on a clutch of potential buyers at an online auction.
The two-bedroom house at 86 Sydney Parade sold for $560,000 at Saturday’s auction.
Maxwell Collins, Geelong agent Lois Wilson said 12 hopeful buyers had registered for the online auction.
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Ms Wilson said first-home buyers were well represented among those interested in the property, but its position less than 500m from Geelong’s University Hospital seemed the major drawcard. It’s also a short walk to East Geelong’s shopping village on Garden Street and Ormond Road.
The house, which was used for an accountant’s office, has an updated kitchen and offered scope for renovators or redevelopment, unlocking the residential growth zoning.
“Most of the attention was from first-home buyers, which was interesting,” she said.
86 Sydney Parade, Geelong.
“The price point, particularly with first-home buyers, meant they could purchase stamp duty exempt.
“They were keen to renovate and the motivation was to want to be so close to work.
“The hospital is a big drawcard for people working in the city looking to purchase close to work,” she said.
Three people bid in the auction, which opened at $500,000.
Rear access from Myers Street.
After 21 bids, the price eclipsed the reserve price by $10,000.
Ms Wilson said the buyers were from Geelong and were planning to rent out the house in the short term.
The house occupies a 319sq m block with street frontages to Sydney Parade and Myers Street.
Ms Wilson said the heritage overlay is enforced on the neighbourhood, although the house itself is not heritage listed.
“The block next door is a larger block that’s been subdivided into two because you’ve got that rear street frontage,” she said.
86 Sydney Parade, Geelong.
“It attracted a lot of interest. We had a lot of inspections. But in the past two weeks we were unable to do open for inspections on the day or prior to the auctions, we were just doing private inspections,” she said.
“We probably had five bidders from Melbourne, including some that hadn’t seen the property. But they had done their due diligence.
13 Churchill Avenue, Newtown, is scheduled for auction on Saturday.
The auction was conducted over a Zoom link, with buyers raising their hand to bid for auctioneer Shaun Carroll.
The agency is scheduled to follow up with another online auction for a Newtown property this Saturday.
The three-bedroom duplex at 13 Churchill Avenue is scheduled to be auction at 10.30am.
Price hopes for the two-storey house ready for a renovation is $390,000 to $420,000.
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