Bargain price was right for new owner of ramshackle house
THE dilapidated state of an East Geelong house proved no deterrent for buyers keen to snag at bargain in the popular suburb.
Unlocking the future potential of 13 Tully St was the key factor motivating three bidders at auction on Saturday.
That and the sub-$500,000 price tag.
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Five bids from the crowd was all it took for the new owner to secure the tired weatherboard house for $430,000.
It’s in need of major renovation or a rebuild and sold below the quoted range of $460,000 and $500,000.
Ray White, Geelong agent Laurie McGovan said an East Geelong investor saw value in his own backyard but had not yet decided what to do with the property.
He said was a great project in a lovely street for someone with vision.
“I think (the result) is really a snapshot of the market at the moment,” Mr McGovan said.
“Everyone was pleased with it, it’s just an example that the heady days are not so much there but there is some reasonable buying.”
The three-bedroom house is on 334sq m of land with rear access and is handy to the Garden St shops and Richmond Reserve.
East Geelong’s median house price is $637,000, up 8.9 per cent on the same time last year, according to CoreLogic.