THE strength of the Geelong West property market continues to shine with a character house selling $60,000 above reserve at auction.
There were about five bidders for the renovated three-bedroom house at 24 Britannia St.
Bidding started at $580,000 and the property was called on the market at $660,000.
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After 20 bids the hammer finally came down and the property sold to Melbourne investors for $721,000.
Dell Property Advisors Antoinette Sagaria secured the property for her clients that had been looking in the area for a while for an investment property.
“They liked this area of Geelong,” Ms Sagaria said.
Buxton, agent David Gray said the house had the character and charm that was appreciated in Geelong West.
“It is an investment in the lifestyle,” Mr Gray said.
The corner property is positioned opposite St Patrick’s Primary School and is a short walk to Pakington St.
The house has been rewired and replumbed and is the perfect blend of character charm and modern sophistication.
An open fireplace in the loungeroom creates a cosy ambience while a covered outdoor deck is ideal for entertaining.
There is also parking off-street for two vehicles.
The value of the property has nearly doubled in just three years with it selling for $390,000 in 2015, according to CoreLogic.
Data shows the median house price in Geelong West has increased 11.1 per cent in the past year to $700,000 and in three years it has increased 45.8 per cent.