Real Estate

Family’s tears of joy as North Geelong renovation beats price hopes by $45K

Family’s tears of joy as North Geelong renovation beats price hopes by $45K
Written by The ReReport
As seen in the Source link, written by on 2019-06-29 23:29:23

Buyers bid $495,000 for the renovated three-bedroom house at 38 Stubbs Ave, North Geelong.

A GEELONG family was in tears after buying a renovated North Geelong house at auction on Saturday.

Barry Plant, Geelong agent Mitchell Falzon said the buyers’ emotions bubbled to the surface after the hammer hit the auctioneer’s hand, selling the three-bedroom house with the price $45,000 over expectations.

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Mr Falzon said six bidders contested the property at 38 Stubbs Ave, which was quoted at a range from $430,000 to $450,000.

He said two parties that had surfaced to view the property in person for the first time before Saturday’s auction had also made plays for the house.

The house, which is walking distance to Pakington St and North Geelong train station, sold for $495,000.

38 Stubbs Ave, North Geelong.

A couple of the underbidders were investors, including one that owned another property in the street, he said.

But Mr Falzon said the buyers were a growing family who he’d met in the first week of the campaign.

“They were in tears of joy once the hammer went in hand,” he said.

“It’s kind of a great story — it’s a growing family, passing the property in to another growing family.”

38 Stubbs Ave, North Geelong.

Mr Falzon said the sellers had been realistic about pricing their property for the campaign but had done a great job renovating the house.

“It was just perfect, they could grab the keys and move straight in and don’t have to lift a finger.”

Mr Falzon said the depth of the buyer pool at the auction showed the level of confidence in the property market.

The sale price is the second-highest in the street, which runs parallel to the Melbourne-Geelong railway line.

Stubbs Ave is the continuation from Pakington St, Geelong West, north of Church St

North Geelong’s median house price has climbed 18 per cent in the past 12 months to $503,500, according to CoreLogic data.