Buyers in a rush push price for renovated house on busy Belmont road

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The crowd applauds the winning bidder at 36 Settlement Rd, Belmont. Picture: Peter Ristevski

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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Buxton, Highton auctioneer Tony Moorfoot at the auction of 36 Settlement Rd, Belmont. Picture: Peter Ristevski

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.

An unsuccessful bidder, centre, opened the auction for 36 Settlement Rd, Belmont. Picture: Peter Ristevski

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.

Unsuccessful bidders consider their options as the auction continued past the $580,000 reserve at 36 Settlement Rd, Belmont. Picture: Peter Ristevski

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.”

36 Settlement Rd, Belmont.

The main living room opens to a side deck.

The kitchen has a 900mm Falcon stove.

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.

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