Buyers in a rush push price for renovated house on busy Belmont road
A RENOVATED Edwardian house on one of Geelong’s busiest roads has earned a $90,000 profit for the sellers in a little over two years.
The three-bedroom house at 36 Settlement Rd, Belmont, sold for $610,000 at auction on Saturday after attracting interest from four buyers.
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The property is located on a service road overlooking the busy four-lane highway south of the Barwon River.
The sellers paid $500,000 in September, 2016 for the already renovated house, which has appreciated in value to the tune of $110,000 in two and a half years — an increase of about 22 per cent.
They only added minor cosmetic touches to the house, renovated in 2013.
After taking into account about $20,000 in stamp duty paid in 2016, the sellers netted a $90,000 profit, though they will have to share a portion of that with their agents and conveyancers.
Buxton, Highton agent Tony Moorfoot said it was a fantastic property that had earned interest from a group of buyers.
There were four bidders on Saturday.
“The stunning Edwardian home had been fully renovated inside,” Mr Moorfoot said.
“It’s got the wow factor — you step into the gardens and say wow, I never saw that coming.”
The renovation, completed in 2013, included a modern kitchen with a 900mm Falcon stove, ducted heating, split-system airconditioning and an open-plan living room that steps out to a side deck through a concertina door.
“It’s a great opportunity for a great home,” Mr Moorfoot said.
Bidding opened at $560,000, with three families vying for the property before a man wearing high-vis gear and talking on his phone to his parents entered the bidding once the price edged past $600,000.