Real Estate

House next to Darryn Lyons Geelong pub sells to investors

Written by The ReReport
As seen in the Source link, written by on 2019-07-01 17:37:03

An embrace in the front room of a cottage near former paparazzi Darryn Lyons’ Geelong pub signalled to circling buyers that they’d missed out the property after the auction.

The young Melbourne couple had earlier held the highest bid for the three-bedroom Victorian era house at 38 Bourke Crescent, Geelong.

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The house on a 192sq m block is two doors down from the Elephant & Castle hotel, owned by former paparazzi and Geelong mayor Darryn Lyons.

McGrath, Geelong agent David Cortous said five groups of investors were keen on the house, including a couple from Sydney.

But only two raised a hand during the auction, which opened at $450,000 and was passed in at $460,000.

Other buyers kept their ears glued to the phones or signalled they were happy to talk after the auction.

After short negotiations inside the couple agreed to pay $485,000.

Price expectations for the property, being sold for out of town investors, were from $480,000 to $520,000.

Mr Cortous said after the auction that although there was strong interest for the property, most buyers wanted to pay around $450,000 because of the amount of work the house required.

The marketing for the property, leased for $290 a week, screamed it would be a project.

The sale came a week after another three-bedroom house at 46 Bourke Crescent sold for $722,500.