Four bidders contest affordable entry point to million-dollar street
Four bidders contested 139 Verner St, Geelong at Saturday’s auction.
The old worst house in the best street scenario drew hot competition for a city fringe Geelong property marketed on its potential.
Postponing the auction of 139 Verner St, Geelong for a week due to lockdown did little dampen enthusiasm for the modest, two-bedroom house.
Four bidders saw the chance to add value to its 518sq m north-facing block, which sold under the hammer for $780,000 on Saturday.
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Buxton agent Matthew Pearce auctions 139 Verner St, Geelong.
Price hopes had been $665,000 to $695,000, with Buxton agent Matthew Pearce telling the crowd the reserve had been reached as bidding hit $710,000.
The local buyers secured the property with just one bid, which was enough to edge out another latecomer.
Mr Pearce said they planned a full renovation at the house, which is surrounded by several million-dollar period homes.
“They loved the location and decided that was were they wanted to set up,” he said.
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The location is close to the CBD.
The loungeroom has high ceilings.
The kitchen/dining room.
He said despite the bumpy campaign, more than 60 people had inspected the property, with a mix of investors and first-home buyers showing interest.
He said the street, just around the corner from Richmond Oval and walking distance to cafes and the city, was a big selling point.
“You can get rid of the car and buy a bike. You won’t need a car here, you can walk absolutely everywhere,” he said.
The flat north-facing backyard was a big selling point.
The recent $1.425m sale of a renovated four-bedroom house two doors down at 135 Verner Street, Geelong highlighted the value of quality homes in the area.