The vendor of a semirural Moolap property, set 10 minutes from the Geelong CBD, scored a $90,000 bonus after auction on Saturday.
Hodges listing agent Jeff Begg said the parties agreed on a $1.34m price for 11 Cooney St in negotiations.
“We passed it in on Saturday slightly below reserve,” Mr Begg said.
“Negotiations continued with two out of three parties Saturday afternoon and Sunday morning.”
The sprawling 5667sq m address was listed with price expectations of $1.25m during the campaign.
It was sold to a Melbourne buyer who plans to move in.
“He saw the value in the land and proximity to the city,” Mr Begg said.
The buyer was also impressed with the passive income opportunity offered by the property’s studio, that offers a bedroom/living space, kitchenette, bathroom, and private outdoor sitting area.
Auctioneer Marcus Falconer told the large crowd that the studio had the earning potential of $40,000 per year as short stay accommodation.
Local buyers and a group from Gippsland were also hoping to take home the keys of the renovated four-bedroom home.
Mr Begg said the property had attracted interest from families on the Bellarine Peninsula keen to upsize and make the most of the land.
“Moolap has shifted considerably in the past 18 months,” he said.
“It’s a niche market with only a handful of homes to choose from.
“Land of that size, and proximity to things people want, is rare.”
An online bid of $1.15m kicked off proceedings on auction day.
From there, four bidders, two in the crowd and two online, pushed the price to $1.32m where Hodges auctioneer Marcus Falconer passed the property in.
Inside, the living, dining and kitchen zone is the perfect setting for cooking, sharing, entertaining and everyday family life.
Here, engineered timber flooring and an open log fire take centre stage, as well as a stylish white barn door.
The kitchen has stainless-steel appliances, loads of storage, and looks into the outdoor entertainment area.
Parents are spoiled with a huge dressing room, while the two minor bedrooms each have a built-in wardrobe and study nook.
There’s some serious shedding on offer, too, with a 12m by 6m garage and two carports/workshops, as well as side access.
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