Demand for Geelong interior metropolis place drives $150K premium

22 John St, Geelong West, offered for $1.255 million.

An enormous worth achieved for a renovated interval house is testomony to the demand for Geelong’s premium interior metropolis suburbs.

The three-bedroom, one rest room California bungalow at 22 John St, Geelong West, was snapped up at public sale on Sunday for $1.255 million.

Hodges, Geelong West agent Jeff Begg stated 4 bidders contested the net public sale for the 554sq m property, with one other two hopeful patrons not getting the possibility to make affords as aggressive bidding took maintain.

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The eventual winner was primarily based in Melbourne and represented by a patrons advocate.

“They’d missed out three or 4 different auctions that we had up lately,” Mr Begg stated.

22 John St, Geelong West.

22 John St, Geelong West.

“The underbidder was primarily based in Sydney, an older couple that was trying to relocate to Geelong to be near household.”

Mr Begg stated worth hopes had been set at $1.1 million, with comparable properties together with the neighbouring property and up to date gross sales in Coquette and O’Connell streets.

“Subsequent door offered for $1.1 million two weeks in the past, which was very comparable, so we priced it in accordance with that,” he stated.

22 John St, Geelong West.

22 John St, Geelong West.

Geelong West home costs have been sizzling this 12 months, leaping 8.6 per cent up to now quarter to $825,000, in accordance with PropTrack.

Mr Begg stated the yard helped seal the deal.

“It had a really homely really feel to it. It was renovated 15 years in the past. It wasn’t up to date and it wasn’t interval. It was simply timeless and had an excellent household really feel to it,” he stated.

“The household, they’ve been there for over 20 years.

“For a 3 bed room, one rest room residence it’s testomony to demand.

Comparable sale: 55 O’Connell St, Geelong West, offered for $1.172 million in August.

“The marketing campaign was delayed by three weeks as a result of we had images booked in after we had been locked down.

“However we had been lucky that the patrons had already been available in the market and hadn’t had an opportunity to take a look at anything as a result of nothing else got here on.

The neighbouring home at 20 John St was a circa 1855 double gabled brick cottage.

20 John St, Geelong West, offered for $1.1 million in September, 2021.

20 John St, Geelong West, offered for $1.1 million in September, 2021.

Buxton promoting agent Tom Butters stated the marketing campaign was severely impacted by lockdowns, with just one open residence performed.

“It had one open earlier than we had been locked down. I had one purchaser, they paid a great worth or it.

Mr Butters stated the neighbouring home was significantly better.

“It’s an previous ticked up cottage, it’s very small and whereas it is going to be one thing implausible down the observe, the facade is fairly arduous to promote as a result of it’s proper on the fence.”

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