Real Estate

Melbourne investor sees value in rising attraction of Thomson

Auction at 3 Hering Court, Thomson
Written by The ReReport
As seen in the Source link, written by on 2019-05-18 19:55:34

Winning bidder Jock Bing plans to renovate 3 Hering Court, Thomson. Picture: Alan Barber

PUNTERS put their money where their mouth is at a weekend auction that reaffirmed the rising prospects of Thomson.

Melbourne investor Jock Bing, who sees value is the shifting perceptions of the small eastern suburb, paid $396,000 to secure an original brick house at 3 Hering Court ahead of one other bidder.

The interior is due for an update.

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Mr Bing said he planned to renovate the three-bedroom house and find a tenant.

“It’s hard to buy houses like this,” he said.

Auction at 3 Hering Court, Thomson

Maxwell Collins, Geelong agent Shaun Carrol calls the auction Picture: Alan Barber

“It certainly looks like there is a lot of interest in this part of town. It’s very central and it’s changing.”

Thomson’s median house price has jumped almost 13 per cent in the past 12 months, according to CoreLogic data.

With a median price of $412,000, it’s a become a refuge for buyers price out of neighbouring East Geelong.

The loungeroom overlooks a large front garden.

Mr Bing opened bidding for the property, listed by Maxwell Collins, Geelong agent Tom Kelly, at $300,000 and was pushed close to the $400,000 mark by a young couple.

Auctioneer Shaun Carroll told the crowd the large 741sq m allotment, had a lot of potential.

The house has a large loungeroom and a central kitchen and bathroom ripe for an update.

It last sold for $73,000 in 1993.