Young buyers find the entry price is right for South Geelong cottage
First-home buyers who secured an original Victorian era cottage in South Geelong have the neighbours to look to for what could become.
That’s because the neighbouring house has been completely renovated and extended and recently sold for close to double the price the couple from Maribyrnong paid for the three-bedroom cottage at 10 Lonsdale St, South Geelong.
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Hodges, Geelong West agent Marcus Falconer auctioned the double fronted weatherboard house in the shadows of GMHBA Stadium, attracting bids from three buyers.
Bidding opened at $550,000 with the third bidder entering the race at $585,000.
But the auction stalled when the price hit $600,000 and it was passed in.
Mr Falconer said the young couple negotiated after the auction and agreed to pay $617,500 for the 487sq m property near South Geelong train station.
“You’ve got everything you need on the doorstep.
“It’s the ultimate lifestyle position, public transport, Kardinia Park, the CBD and the waterfront all within a five minute stroll and all the infrastructure — the schooling and public transport right on your doorstep.”
Offered for the first time in 20 years, the property has a deep block with rear lane access, offering scope to renovate, extend or rebuild.
Whether their intentions are to do any of the above or not, they can see the results of the work at number 8 where the previous owners invested in an open-plan extension, outdoor entertainment area and a first floor parents’ retreat.
The property sold in February for $1.12 million.