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Auctioneer Rory McGovern is calling for bids at 21 Bailey Street, Belmont.
Many bargain hunters were in the thick of it as a three-bedroom home in Belmont went up for auction for an attractive price in the mid-$400,000s.
By the end of Saturday’s auction, the 730 square meter property at 21 Bailey Street had sold for $561,000, $110,000 above the asking price.
Hayden, Geelong agent Glenn Hardman said the brick veneer house was not occupied before it was renovated, given the structural issues caused by the house’s location on a notorious fault line. A reserve fund of $450,000 has been set aside to cover the estimated cost of restoring the building to a working condition.
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The brick veneer looked good from the outside, but a quick look at the house earlier Saturday gave a glimpse of the dire situation behind the cracked plaster.
Sagging cornices and ceilings, large cracks in the ceiling and walls, especially around windows (which are hardly included in the published photos), are a harbinger of upcoming work for intrepid homebuyers, if they choose to renovate. Become.
21 Bailey Street, Belmont, sold at auction.
21 Bailey Street, Belmont, sold at auction.
Auctioneer Rory McGovern said it was a typical three-bedroom home.
“Yes, we all agree that it needs some work, probably a lot of work,” Mr McGovern said.
“But it’s up to you and whether you came here to renovate the house or whether you want to remove the house and redevelop the site, subject to council approval, that’s what you come here for. is.
“What we all agree on is that this area is a prime location, very close to excellent schools, great shopping and sports facilities.”
Auctioneer Rory McGovern is calling for bids at 21 Bailey Street, Belmont.
21 Bailey Street, Belmont, sold at auction.
Still, four groups tested the market and started bidding at $420,000.
Auctioneer Rory McGovern told the crowd that the house certainly needed some TLC, but with the price reaching $460,000, he put the property on the market.
After the price exceeded $500,000, a third and fourth bidder joined, and by the time McGovern closed the auction, the bid had dropped to $1,000.
This price probably represents the land value of a 730 square meter property near Settlement Rd.
Meanwhile, a couple secured a clapboard home on Belmont Street for a new project, as many neighbors expressed interest in renovations and construction.
16 Allitt Ave, Belmont, sold at auction.
Sean O’Brien is soliciting bids at 16 Allitt Avenue in Belmont.
A buyer sold a three-bedroom home at 16 Allitt Avenue for $535,500 at auction Saturday.
The original clapboard house, which occupies a 585sqm block, was offered at an indicative sale price of $550,000.
However, Ray White Highton auctioneer Sean O’Brien announced the property would be put on the market after the price reached $530,000.
Two bidders objected to the auction after Mr. O’Brien opened vendor bids of $500,000.
Bidders wanted to avoid price competition and advanced their bids little by little.
16 Allitt Ave, Belmont, sold at auction.
16 Allitt Ave, Belmont, sold at auction.
Mr O’Brien said the original house was set up for new people to come in and create a family home, as it had always been.
“As you can see, streets are being renovated, demolished and rebuilt,” he said.
“We have a great location, the High Street is just around the corner and all the high quality schools are within walking distance.”
The couple said the property is a new project and they plan to renovate it.
“What we liked about this hotel was the location. We feel there is a lot we can do with this property,” the buyer said.
