A three-cornered contest ensured a charming Victorian home in Geelong West had a new owner at the end of an auction.
The three-bedroom house at 36 Lupton St sold for $1.011m on Saturday after the trio contested the 426sq m property.
McGrath, Geelong agent Carl Hammond said an interstate investor had secured the property at the auction.
The home had been offered with a $950,000 to $1.045m price guide.
Tenants were in place with a secure lease, which meant each buyers needed to have investment on their mind, in the short term at least.
Two were pure investors, with a young couple keen to move in to the home down the track.
Mr Hammond said it was a blue chip opportunity.
“It had tenants in place and the location, being close to Pakington St and being close to the freeway and CBD probably makes it investment worthy,” he said.
“That’s a good little pocket in Geelong West – it’s close enough to everything but away from the hustle and bustle.”
Mr Hammond said the home had been previously renovated, meaning there was nothing new owners needed to do.
“There was a nice, open plan kitchen, living and dining and with scope to put garaging in in the future,” he said.
“There was a lease in place, obviously it was a safe investment.
“They’re good tenants and the way the property was presented was testament to that.”
But Mr Hammond said capital growth over time would provide the best angle for the investors.
The sellers had paid $400,000 for the property in 2005.
“The market is just bubbling along, there is a few less buyers out there at opens but the people that are coming through a good quality buyers,” he said.
“If they’re in a position to buy they are out there looking whether an investment or for themselves.”
The post Trio contests inner Geelong home chasing future growth appeared first on realestate.com.au.