Latest news with #GartlandGeelong
News.com.au
17 hours ago
- Business
- News.com.au
First-time buyers' surprise at landing Geelong West home
A mid-campaign adjustment to the price expectations of a Geelong West house saw three bidders re-engage with the property at the auction. The three-bedroom weatherboard residence at 180 Aberdeen St sold for $658,000 at Saturday's auction after three groups contested the property. Gartland Geelong agent Will Ainsworth said the eventual buyers revealed they hadn't intended to compete for the 388sq m property near Shannon Ave, but found themselves holding the contract after auction. 'We ended up selling to a couple from Melbourne who came down with little intention of bidding, so they were quite surprised when they ended up with the contract and champagne,' Mr Ainsworth said. 'They were interested in the property that they'd been through the week prior, but they came down with the intentions of not necessarily bidding but seeing how it went. 'They kind of got sucked in to the process and before you knew it they were competing with another buyer.' Mr Ainsworth said each party was first-time buyers, though the purchasers final plans for the property aren't known. 'I guess they bought it thinking it's a good proposition and not matter what they use it for, it's going to be good value and a good property for then over time,' Mr Ainsworth said. At $658,000, Mr Ainsworth said the property presented good at about $160,000 below Geelong West's median house price. 'Immediately across the road is Newtown where the median price is $1.1m, so you're buying under the median house price 50m away from a blue-chip Newtown of a $1.1m median house price,' he said. Mr Ainsworth said the property was initially listed at a higher price guide 'We just weren't getting a lot of connection with buyers, so we did actually drop it down a bit. 'Funnily enough the people that bid had all seen it prior with the higher price range but then re-engaged based on the drop. 'It's a matter of dealing with the market you're in and if the buyers' aren't engaging, then it's usually the price expectations. If you lower it a bit, then they jump back in.' The property was marketed as an opportunity in a blue-chip location for renovators, investors or to create a dream home. The house offered high ceilings with decorative cornices and picture rails, along with an open fireplace in the front living room. The separate kitchen was ready for a transformation, while the three bedrooms were fitted with built-in wardrobes.
News.com.au
14-05-2025
- Business
- News.com.au
Pocket-sized Newtown home will pack punch for buyer
A pocket-sized Newtown property could prove to be the ultimate bargain buy in Geelong's most blue-ribbon suburb. The $621,000 sale for the modest two-bedroom house at 16 Bond St might seem a trifle cheap, considering it close to half of Newtown's $1.15m median price. But Gartland Geelong agent Will Ainsworth said he did the sums that show the sale represented incredible land value. Mr Ainsworth said the ex-rental home is definitely a starting point for the first-home buyers. It presents two bedrooms, a tidy kitchen complete with a dishwasher, and a small but updated bathroom with a shower over the bath that's accessed through the laundry. A narrow driveway is at the side of the house, leading to a small backyard on the 202sq m block. The aluminium clad house is close to Kardinia Park, and walking distance to the Pakington St shopping and cafe precinct. Mr Ainsworth said the initial quoted range had to be lowered to $500,000 to $550,000 to suit the market for first-time buyers, who ultimately came to the party. 'It was hard to find comparable sales at the start to work out what it might be worth,' he said. 'We started where we thought it was and then we brought it back a little bit because the interested buyers weren't there in the price point.' Mr Ainsworth said the auction opened at $450,000. 'I did some sums very quickly. We worked out to be around $3000/sqm and then I looked at the house next door, which they're rebuilding and about to put the slab down. They bought that around 15 months ago for $800,000, that was about $1900/sq m. 'You can look at the size of it, or the work required. But at the end of the day the local that you're buying in is premium. It's in one of the best pockets of Geelong.' Mr Ainsworth said the buyer intended to renovate. It was the cheapest home to sell in Bond St in five years. 'In time, people look will back and say that was a very smart acquisition.' The block of land is essentially a townhouse site, whereas the neighbours are building a bespoke home on the larger site, he said.
