Real Estate

Belmont buyers happy to renovate and reap return

As seen in the Source link, written by on 2019-05-21 19:41:02

THE prospect of a little hard work didn’t scare away potential buyers of an entry-level Belmont property with good access the Surf Coast Highway.

Two bidders saw value in the elevated three-bedroom house at 54 Oberon Drive, which sold at auction on Saturday for $410,000.

The 654sq m block has a spacious, north-facing backyard.

The 654sq m block has a spacious, north-facing backyard.Source:Supplied

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The elevated position provides views over the suburb.

The elevated position provides views over the suburb.Source:Supplied

McGrath, Geelong agent Egle Skridulis said the Geelong buyer was looking for an attractively-priced investment and Belmont was a prime location.

The surprisingly spacious house has two living areas, including a rumpus room which opens to a large storage shed.

There’s also an underhouse cellar with a built-in bar.

What renters want0:50

Survey shows parking, pet and internet needs are top-most for Aussie renters.

“I think obviously we understand some things need to be done,” Ms Skridulis said.

“With the elevation it can be a challenge but with the elevation you also have views.”

Belmont’s median house price sits at $531,000 on the back of 12-month capital growth of 6.2 per cent, CoreLogic data shows.