Real Estate

Local investor happy to renovate and reap return in Belmont

Local investor happy to renovate and reap return in Belmont
Written by The ReReport
As seen in the Source link, written by on 2019-05-21 13:47:00

Two bidders contested the auction of 54 Oberon Drive, Belmont.

THE prospect of a little hard work didn’t scare away potential buyers of an entry-level Belmont property with good access the Surf Coast Highway.

Two bidders saw value in the elevated three-bedroom house at 54 Oberon Drive, which sold at auction on Saturday for $410,000.

The 654sq m block has a spacious, north-facing backyard.

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The elevated position provides views over the suburb.

McGrath, Geelong agent Egle Skridulis said the Geelong buyer was looking for an attractively-priced investment and Belmont was a prime location.

The surprisingly spacious house has two living areas, including a rumpus room which opens to a large storage shed.

There’s also an underhouse cellar with a built-in bar.

“I think obviously we understand some things need to be done,” Ms Skridulis said.

“With the elevation it can be a challenge but with the elevation you also have views.”

Belmont’s median house price sits at $531,000 on the back of 12-month capital growth of 6.2 per cent, CoreLogic data shows.