Buyer plans development in Hamlyn Heights

Buyer plans development in Hamlyn Heights

SIX buyers could see the significant upside to a post-war Hamlyn Heights house being offered for the first time in 30 years on Saturday.

But it was a Melbourne developer with a knowledge of Geelong going back 25 years that paid a near-$40,000 premium to secure the 840sq m property at 4 Woorayl St at the auction.

RELATED:

Does this renovation to a 70s Belmont house set the benchmark for buyers?

Senior Liberal is selling Western District hobby farm

Hodges, Geelong West agent Carl Hammond predicted big numbers for the auction last week, given the significant interest from all types of buyers in the two-bedroom post war clinker brick house during the campaign.

The property, which last sold for $60,000 in 1987, sold under the hammer for $673,000.

But auctioneer Sean O’Brien still needed to kick off proceedings with a $550,000 vendor bid, seeking a $20,000 rise from the big crowd.

Five bidders obliged, though the last three preferred $10,000 increments as the price quickly eclipsed $600,000.

Mr O’Brien called the property on the market as the price passed $635,000.

But two buyers weren’t done, continuing with $5000, $2000 and $1000 offers before bidding stalled at $668,000.

The sixth buyer raised a hand on Mr O’Brien’s third and final call hoping to score the property with a single bid at $670,000.

But that was countered with the final $673,000 offer.

The buyer, who didn’t want to be identified, said the property would be developed down the track.

But Mr Hammond said underbidders were first-home buyers, owner-occupiers and investors.

“There was first-home buyers, people that wanted to do an extension and investors as well,” he said.

“It was a good property that one — you could move in straight away and do nothing or you could do something over time,” he said.

It’s the first post-$600,000 sale of an original home in Hamlyn Heights since November.

One of those was an original 1950s era house on a 1012sq m block nearby at 20 Logan St that sold for $660,000.

Hamlyn Heights median house price eclipsed $480,000 in 2018, with annual capital growth close to 20 per cent.

Source link