Kane Brant and Teigan, Glenn and Janette McNeill secured 30 Lovely Banks Rd, Lovely Banks at auction.
LAND in Lovely Banks is hot property with a 2.04ha property selling for more than $200,000 above expectations at auction.
More than five parties bid for the property at 30 Lovely Banks Rd that is close to where development will be occurring in the future to grow Geelong to the north.
This future development is what attracted Janette, Glenn and Teigan McNeill and Kane Brant to purchase the site for $905,000.
A huge crowd attended the auction.
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The property was called on the market at $680,000 and several parties pushed the price $225,000 above. There were a total of 50 bids.
The buyers said they weren’t exactly sure what they were going to do with the property yet but it would be a family property.
The property has a view across Geelong and Corio Bay.
The three-bedroom house is accessed off Anakie Rd.
Hayeswinckle, Newtown agent Andrew Crowhurst said the property had so much potential.
“It was a great result, I wasn’t expecting it to go that high,” Mr Crowhurst said.
The property has two road frontages and is perched high on the Lovely Banks hill and has a fantastic view across Geelong and Corio Bay.
The house has three bedrooms, an open-plan living area and veranda wrapping around most of the house.
There is also original shedding on the property including an old dairy.
The living area.
The property is zoned rural living.
A $3.7 billion development project will be occurring nearby to create 10,000 new homes for more than 30,000 residents.
The Lovely Banks Development Group controls more than 750ha of land 10km north of Geelong.
The development will contain a town centre, up to five schools, plus childcare and medical centres.
The area earmarked for development is within the boundaries of Anakie Rd, Geelong Ring Road, Bacchus Marsh Rd and Staceys Rd.