Ryan and Vita Padula with their kids Ben, 4 and Maddie, 2 bought 3 Walter St, East Geelong at auction.
FOR six months a Melbourne couple spent nearly every weekend searching for an investment property to buy in Geelong.
Ryan and Vita Padula had bid at a number of auctions previously before finally securing the property at 3 Walter St, East Geelong for $516,000.
Ms Padula said they just kept on missing out but she thinks this was because they didn’t have the emotional attachment to any of the properties as it was an investment.
Buxton, agent Jarrod Leonard auctions the property.
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“We have spent a lot of time in Geelong as I went to university here and we have family on the Bellarine Peninsula,” she said.
“We decided to buy an investment property in Geelong as Melbourne is too expensive, for the same price you might get a tiny little apartment.”
They outbid two other parties and secured the property well above the $420,000-$450,000 quoted range.
There is still potential to update the house.
The loungeroom is filled with natural light during the day.
Buxton, agent Jarrod Leonard said the property ticked a lot of boxes because the price point was at the lower end for East Geelong.
“It is an undervalued blue chip location, there is still potential growth going forwards in this area,” Mr Leonard said.
The Melbourne couple could potentially rent out the property for $350-$370 per week.
The two-bedroom house has a shared kitchen and meals area with separate loungeroom.
There is also an outdoor entertainment deck plus garage and carport and the property is a short walk to Eastern Gardens and the waterfront.
The median house price in East Geelong has increased 12.3 per cent in the past year to $640,000, according to CoreLogic.