Young couple sees long-term value in flexible East Geelong property
THE traditional Australian dream of owning a quarter acre block has become a reality for a young couple who pounced on a bigger-than-average East Geelong property.
Hayeswinckle, East Geelong agent Adam Murphy said the Melbourne pair paid $575,000 for the 997sq m block at 12 Bendle Court.
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The flexibility to live in, rent out or develop the modest three-bedroom brick house prompted three bidders to put their hands up at Saturday’s auction.
Hayeswinckle auctioneer Danny Hayes passed in the property for $545,000 with the highest bidders negotiating to buy it immediately afterwards.
The property, close to Eastern Gardens, was on the market for the first time in 56 years.
“There was a lot of emotion,” Mr Murphy said.
“The vendor had been there for a long time.”
He said the new owners would initially use the property as an investment but may move in or develop down the track.
The house comes with an original kitchen/meals area, separate loungeroom, central bathroom and a tandem garage.
East Geelong’s median house price is $630,000, according to CoreLogic.