Young couple train eyes on East Geelong home at auction
YOUNG homebuyers with connections to Geelong are returning to the city as a value for money way to put down roots.
A Prahran couple was the latest of a clutch of young buyers to secure their first home in Geelong at auctions on Saturday.
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Kate and Ben Morrissey were successful at 41 St Albans Rd, East Geelong, where they edged out two other groups to secure the property for $650,000 in a hotly contested auction.
The couple found the renovated character home ideal because it was close to South Geelong train station, where they intend to commute to work in Melbourne.
“It’s our first home. We’re originally from Geelong and we’re coming back,” Mr Morrissey said.
Facing a median house price in Prahran of $1.43 million, looking around Geelong’s inner suburbs was a no-brainer.
The median house price in East Geelong is $615,000.
“(We love) The character and the size of the home as well, because it’s value for money,” he said.
Family connections and the ability to commute to work helped their property decision, Ms Morrissey said.
“It’s close to the station as well, because we’ll both stay working in Melbourne,” she said
Buxton agent Jarrod Leonard said interest in most properties is now usually 50-50 between Geelong and external buyers.
“The affordability that Geelong offers to create a lifestyle is too hard to ignore,” he said.
“They buy for affordability and places to raise a family.”
Bidding opened at $580,000 for the three-bedroom house and rose quickly.
Mr Leonard called it on the market as the price hit $625,000.
“They were delighted with the result. They priced it will, presented it beautifully. It was a classic win-win,” he said
“It will be better in five years with some of the plans and ideas they’ve got.”
Young buyers also secured first homes at Belmont and Newtown auctions.
Low interest rates and proposed spending on better transport connections to Melbourne, including a fast train, are also helping buyers decide to purchase in Geelong.