Ray White, Geelong agent Laurie McGovan auctions 45 Catherine St, Geelong West.
CAPITAL growth in Geelong West remains strong with a california bungalow selling at auction for more than $70,000 above what it sold for a year ago before that sale fell through.
The silver lining to the sale falling through is that the vendors have achieved a better result second time around.
The three-bedroom house at 45 Catherine St sold for $530,000 in September last year to Melbourne investors and has now sold again for $602,500 to a local buyer.
The house is in original condition.
MORE REAL ESTATE:Declared reserve of $99K for Teesdale block that can’t be built on
Here’s what a million dollar house looks like in St Albans Park
High-end Geelong properties raise outdoor entertainment bar
Bidding started on a vendor bid of $500,000 and two parties competed for the property with 37 bids placed in total.
Ray White, Geelong agent Laurie McGovan said the buyer was local and the underbidder was from Melbourne looking to move down.
The house is on a 497sq m block.
“The buyer plans on doing some extensive work to the house,” Mr McGovan said.
The three-bedroom house that is ripe for renovation is on 497sq m of land and is positioned between Shannon Ave and Pakington St.
The median house price in Geelong West has increased 16.3 per cent in the past year to $698,000, according to CoreLogic.