Three-way battle drives up price of renovation rescue project
A FAMILY has paid top dollar to secure its dream home site in trendy Geelong West.
The buyers forked out $675,000 for a 611sq m block at 32 George St, looking past a house dubbed a “renovation rescue project” to the value of the land.
They were latecomers to Saturday’s auction contest, only bidding once Hodges, Geelong West agent Marcus Falconer declared the property on the market at $640,000.
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Three parties were in the hunt for the three-bedroom brick house, but one dropped out as the price leapt above expectation.
“The buyers are a family and I think they are going to build a family home there,” Mr Falconer said.
He said the size of the block and side access that paves the way for off-street parking were the key attractions.
The property is within five minutes walk of Newtown Primary School, Geelong College, Sacred Heart College and shops, including a Woolworths supermarket.
The existing house retains many Art Deco features such as decorative ceiling plasterwork and has a rear studio ripe for conversion.
“It’s the ultimate family home site or the ultimate investment, you are never going to go wrong,” Mr Falconer said.
A modern two-storey build next door provides plenty of inspiration for others looking to add to the streetscape.