A smart renovation creating a turnkey home in Grovedale created a honey pot for first-time buyers at a weekend auction.
Five hopeful bidders contested Saturday’s auction, all hoping to land the renovated three-bedroom house at 28 Beltana St, Grovedale.
The 569sq m property sold for $650,000 as Barry Plant, Highton agent Michael Marmora said the result showed that more affordable price brackets had retained interest.
The project added more than $250,000 value to the house after three years.
“Prior to the auction taking place I had an idea there might have been three or four bidders that I had spoken to throughout the campaign.
It eventuated that there were five active bidders,” Mr Marmora said.
“In a transitioning market that sort of first-home buyer product is still really strong.
“That sub $650,000 market, or even sub-$700,000 market is still performing so well.”
The property had been offered with a $590,000 to $640,000 price guide.
Mr Marmora said the position in Geelong’s southern suburbs and what the renovated home offered to prospective buyers had attracted the significant interest, with 70 groups inspecting the property during the campaign.
“It was hotly contested really because it offered a turnkey first-home buyer product at the right level,” he said.
And buyers could also still add value, he said.
“It offered that land component as well and that’s what a lot in the market was looking at as well.
“What I did notice that after speaking to a lot of those buyers who had missed out over the past couple of years that they were turned away from Armstrong Creek after a while because it didn’t offer that land component.
“I suppose being able to add value to the property. It’s a little bit harder to add value to a brand new home without overcapitalising.”
The sellers had paid $392,000 for the house in 2019 before embarking on the renovation, that started with painting the exterior brown bricks and included knocking out a wall between the lounge and dining rooms to create an open living space, while also creating a walk-in pantry.
The other wet areas were also updated, with an ensuite created for the main bedroom.
Grovedale offers one of the best opportunities for first-time buyers in Geelong, with a median house price of $696,000.
The price has climbed 19 per cent in the past 12 months alone as competition for properties continues.
Originally published as Grovedale renovation draws five first-time buyers to auction