Demand for Geelong inner city position drives $150K premium
22 John St, Geelong West, sold for $1.255 million.
A big price achieved for a renovated period home is testament to the demand for Geelong’s premium inner city suburbs.
The three-bedroom, one bathroom California bungalow at 22 John St, Geelong West, was snapped up at auction on Sunday for $1.255 million.
Hodges, Geelong West agent Jeff Begg said four bidders contested the online auction for the 554sq m property, with another two hopeful buyers not getting the chance to make offers as aggressive bidding took hold.
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The eventual winner was based in Melbourne and represented by a buyers advocate.
“They had missed out three or four other auctions that we had up recently,” Mr Begg said.
22 John St, Geelong West.
22 John St, Geelong West.
“The underbidder was based in Sydney, an older couple that was looking to relocate to Geelong to be close to family.”
Mr Begg said price hopes had been set at $1.1 million, with comparable properties including the neighbouring property and recent sales in Coquette and O’Connell streets.
“Next door sold for $1.1 million two weeks ago, which was very similar, so we priced it according to that,” he said.
22 John St, Geelong West.
22 John St, Geelong West.
Geelong West house prices have been hot this year, jumping 8.6 per cent in the past quarter to $825,000, according to PropTrack.
Mr Begg said the backyard helped seal the deal.
“It had a very homely feel to it. It was renovated 15 years ago. It wasn’t contemporary and it wasn’t period. It was just timeless and had a very good family feel to it,” he said.
“The family, they’ve been there for over 20 years.
“For a three bedroom, one bathroom home it’s testament to demand.
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Comparable sale: 55 O’Connell St, Geelong West, sold for $1.172 million in August.
“The campaign was delayed by three weeks because we had photography booked in when we were locked down.
“But we were fortunate that the buyers had already been in the market and hadn’t had a chance to look at anything else because nothing else came on.
The neighbouring house at 20 John St was a circa 1855 double gabled brick cottage.
20 John St, Geelong West, sold for $1.1 million in September, 2021.
20 John St, Geelong West, sold for $1.1 million in September, 2021.
Buxton selling agent Tom Butters said the campaign was severely impacted by lockdowns, with only one open home conducted.
“It had one open before we were locked down. I had one buyer, they paid a good price or it.
Mr Butters said the neighbouring house was much better.
“It’s an old ticked up cottage, it’s very small and while it will be something fantastic down the track, the facade is pretty hard to sell because it’s right on the fence.”