Real Estate

Steep capital growth rewards vendors of North Geelong character home

Steep capital growth rewards vendors of North Geelong character home
Written by The ReReport
As seen in the Source link, written by on 2019-11-11 12:30:00

47 Guthrie Ave, North Geelong sold after auction on Saturday.

A HANDY location close to Pakington St and a train station underpinned the value of a North Geelong house that’s changed hands for just the third time in almost 100 years.

A local buyer paid $548,000 for the two-bedroom california bungalow at 47 Guthrie Ave during post-auction negotiations on Saturday.

The result highlights strong capital growth in the North Geelong neighbourhood, which has become an affordable refuge for character home buyers priced out of Geelong West.

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The 459sq m property last sold for $333,000 in 2015, according to CoreLogic.

Hodges, Geelong West agent Marcus Falconer said the tenants, who love the character house and were keen to stay on, were happy an investor was the highest bidder on the day.

Two potential buyers put their hand up at auction, with the property passed in for private negotiations at $520,000.

The living rooms at 47 Guthrie Ave, North Geelong.

Mr Falconer said the result showed the North Geelong pocket was increasingly on buyers’ radar.

“It’s a great price for two-bedroom house,” he said.

“That house probably three years ago would only have sold for $400,000.”

The property offers handy access to the city.

He said it was only the third time the weatherboard house, which retains Art Deco features, had been offered to market.

The house has a flexible floorplan with adjoining dining and loungerooms, a separate updated kitchen, two bedrooms and central bathroom.