Buyers plan to renovate or rebuild after snapping up a dilapidated house in Geelong West on the first inspection.
The three-bedroom weatherboard house at 101 Britannia Street, which Richardson, Newtown agent Matt Poustie declared was not fit to rent, sold for $650,000 last weekend after a flurry of offers came after it was first opened to the market.
It sold $130,000 above the quote range.
Mr Poustie said three offers above $600,000 for the 338sq m property enticed the owners to sell, precipitating a private auction between the trio. Other hopeful buyers didn’t quite reach $600,000.
Mr Poustie said he’s not sure whether the facade of the house would be retained as the buyers, who are in the building trade, plan for the future of the property.
“I believe the buyers will be doing a renovation. They thought the dual access on a corner block was worth that little extra,” he said.
“It’s seen a lot of life. I would say it’s a full renovation or a demolish-and-rebuild project. I wouldn’t say it was in rentable condition.”
The property went under contract the same weekend as an unliveable house in East Geelong sold $165,000 over its reserve price for $645,000, showing buyers have a taste for well-located rebuilding prospects.
There are more opportunities for buyers looking to renovate or detonate.
A two-bedroom miner’s cottage at 50 Mundy Street, Geelong, goes to auction this Saturday.
Ray White, Geelong agent Laurie McGovan said the house spans the width of the 231sq m block.
He’s put $500,000 to $550,000 price hopes on the property.
Much of the work is done at 7 Kilgour Court, Geelong, where a three-bedroom Victorian house is offered partially renovated.
Hayeswinckle, Newtown agent Rachael Taylor saying buyers can move in comfortably and complete the renovation at their own pace.
“The inside has partially been done, so the bathroom, bedrooms and kitchen has been done.”
Other rooms have been renovated, but not “finished”, she said.
“The outside is fully untouched so you can out your own feel on it.”
It also goes to auction on March 27, with price hopes from $689,000 to $739,000.
Faux brick cladding and old garage were removed to show the full potential of a four-bedroom california bungalow at 9 Park Street, Geelong.
Whitford, Newtown director John Moran said numerous buyers had made inquiries about the 682sq m waterfront precinct property listed this week for auction on April 10.
Price hopes are $1.15m to $1.25m.
“It’s certainly one for the renovators. It’s one where buyers are going to come in and get their hands dirty. It’s very rough around the edges.
“It will be one where in a few years’ time when we look back and say wow what a transformation.”
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