ORIGINAL homes that have been in a family for several decades are in high demand with keen renovators.
Often these houses come up for sale when an elderly couple decide to downsize or move into an aged-care home or if it is a deceased estate.
CoreLogic data shows that generational change is more prevalent in Geelong suburbs in the past year compared to five years ago.
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South Geelong tops the list with an average hold period of 14.8 years, from data based on the average number of years a property has been held between sales.
The generational change is most prevalent in East Geelong, Rippleside, Wandana Heights, Herne Hill and Bell Park with the average hold period jumping from about nine years to 12-13 years in five years.
Meanwhile the average hold period had decreased in only three Geelong suburbs — Newcomb, North Geelong and Manifold Heights.
An original and charming house at 44 Barwon Heads Rd, Belmont is for sale after being in the same family for more than 40 years.
Selling agent Duncan Skene, of Maxwell Collins, Geelong said buyers liked to buy original homes.
“People love the blank canvases where they can roll up their sleeves and put their own touch on an original, yet liveable, house,” Mr Skene said.
“Years ago people wanted to buy a house that was all done so they could move straight in but now people want the challenge and adventure.”
The charming house at 44 Barwon Heads Rd is on 1295sq m of land and has three bedrooms, formal dining and living areas plus rear lane access to a garage, storage room and workshop.
There is plenty of potential to update the house the vendors are sadly downsizing from. Price hopes are $875,000-$895,000.
Buyers looking for a bargain at a deceased estate will need to rethink as original homes have strong demand.
Newtown agent Graeme Taylor said the general public did used to perceive there was a bargain to be had with these types of properties.
“Opportunists thought they had a foot in the door but we don’t market them that way anymore, a house is worth what it’s worth these days,” Mr Taylor said.
“Our job is to get true market value.”
Mr Taylor said in a lot of cases these properties had been held in the same family for many decades.
“Some people have been in their houses for 60-70 years, the owner was born in the front bedroom and it has been a hand me down generational thing,” he said.
Another original house is for sale through the State Trustees at 107 Sladen St, Hamlyn Heights.
Newtown agent Jason Barnett said the bathroom and kitchen were original and it would be ideal for a first-time buyer wanting to renovate and add value.
The three-bedroom house is for sale for $480,000-$528,000.
It is evident buyers are keen to secure original properties due to recent results and some are having to pay above expectations.
Five parties bid for 31 Rugby St, Belmont and it sold $20,000 above expectations for $520,000.
Ray White, Highton agent Matthew Constantine described the original three-bedroom weatherboard house as a “gold mine”.
A local family bought it and plan on renovating the house that has only had one owner and still sports mid-century decor.
Meanwhile buyers paid a $40,000 premium to secure 4 Woorayl St, Hamlyn Heights for $673,000.
Hodges, Geelong West agent Carl Hammond said there was a lot of interest from a mix of buyers for the two-bedroom post war clinker brick house, that last sold for $60,000 in 1987, during the campaign.
|Suburb||Hold period||Median price|
|Bell Post Hill||13.5||$483K|
Top 10 suburbs with the longest ave. hold period in years for houses sold in 12 months to November, 2018. Source: CoreLogic