These students at Rollins Primary School, in Bell Post Hill, hail from an area experiencing rapid price growth. Picture: Glenn Ferguson
WHEN real estate investment companies start circling a suburb you know you’re onto a winning thing.
This is certainly the case in Bell Post Hill where interest from professional buying outfits has surged in the past three years.
Buxton agent Matt Plunkett said he had sold more than 60 houses in the area to Melbourne investment companies.
23 Kansas Ave, Bell Post Hill sold to an investor for $530,000 at auction this month.
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“Three years ago there was only one company and now there are four investment companies buying,” Mr Plunkett said.
“Two years ago they were paying $200,000, now it’s at in the mid-$400,000s.”
Strong capital growth of 15.6 per cent as pushed the median house price in Bell Post Hill up to $460,000, according to CoreLogic.
The renovated interior of 23 Kansas Ave, Bell Post Hill attracted five bidders at auction.
Mr Plunkett said the suburb’s performance over the past 18 months had been fantastic.
“Where two years ago we didn’t see auctions in the suburb, now there are barely any private sales and that is just because of the number of buyers,” he said.
“It’s a pretty popular suburb with Melbourne buyers and that is because one, the price; two, the ring road; and thirdly the train station. North Geelong Train Station is not far away.”
Many Bell Post Hill property have great views of the city and bay.
Buyers have an appetite for both renovated and original properties, many of which offer solid mid-century bones and often underrated bay views.
Properties in the streets opposite the Anakie Rd Aldi store are coveted because of their proximity to shops.
For families with deeper pockets, the newer area near Kardinia International College is a drawcard.
“Home there are hitting $800,000 so that’s a different market,” Mr Plunkett said. “There’s a lot of kids living in that area.”