Seven compete for Geelong miner’s cottage that beats reserve by more than $60K
SEVEN buyers raise a hand at the auction of a three-bedroom inner city miner’s cottage in Geelong.
Te Mata dates to 1856 at 223 Bellerine St, but buyers were all looking forward to the prospect of living or renting the renovated house five minutes from the South Geelong train station and just a few steps to the public bar at the Commun Na Feinne Hotel.
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The house sold for $701,500 — more than $60,000 above the vendor’s reserve price.
Buxton, East Geelong agent Ben Riddle said the buyers were an even mix of owner-occupiers and investors.
“What you see is what you get. A beautifully presented home, absolutely as neat as a pin,” Mr Riddle said.
“A beautiful heritage property with a classic heritage facade, very comfortable living standards and north-facing light coming through the big cathedral windows and some unique features that make it a one-off.”
The location in Geelong’s inner south-east suburbs made it popular with investors and young professionals, many who were seen watching or bidding at a number of auctions in the area on Saturday.
The bidding opened at $580,000, with five bidders in the race by the time Mr Riddle called the property on the market at $640,000.
The bidding increments tightened to $1000 and even $500 as another two buyers raised a hand before the property eventually sold for $701,500.
Mr Riddle said the location was a key factor.
“Walk straight into town, walk straight down to the eastern gardens and the waterfront,” he said.
“But more importantly, from the quiet side of the street it’s not far from any of the amenities that are important — if you are commuting to Melbourne the train stations are at your fingertips, there is plenty of street parking here. Feel comfort when you come home and put your feet up.
“It’s easy to rent these sort of properties. Certainly there is a huge supply of tenants looking to nestle in the city and enjoy what our CBD has to offer.”