Moolap lifestyle property beats price hopes by $475K
260 Townsend Rd, Moolap, sold for $3.575 million.
The value of a belt of rural lifestyle land immediately surrounding Geelong’s outskirts has been underlined at a Moolap property which smashed an auction reserve by $475,000.
The 65ha property at 260 Townsend Rd sold for $3.575m last week.
Charles Stewart agent Andrew Rice said the buyers had secured the farming property adjacent to Reedy Lake as an investment.
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Mr Rice said the auction opened at $2.5m, but he immediately placed a $3m vendor bid to show bidders where the serious money was.
260 Townsend Rd, Moolap, sold for $3.575 million
It took off from there, with bidders jumping in $50,000 and $25,000 increments before the property sold.
Mr Rice said he called the property on the market when it reached its $3.1m reserve price.
The property last sold in 2015 for $1.48m.
Mr Rice said $3.575m was a “darn good result” for that property.
260 Townsend Rd, Moolap, sold for $3.575 million.
“I don’t think they realise how good value Moolap is,” he said.
“It’s only 10 minutes out of town.
“You get 60 acres there with improvements on it, I think it’s still quite good value.”
Mr Rice said the 42m by 15m shed was a real drawcard, along with road frontages to Woods Rd and Townsend Rd.
260 Townsend Rd, Moolap, sold for $3.575 million.
“It certainly was a farm zone so we weren’t suggesting for one moment that you could do anything else but farming,” he said.
“I suspect they’re just going to treat it as an investment. We use the term land bank.
“It’s 10 minutes out of town, it’s a good size and you would expect, one way or another, which ever way it turns that capital growth will be there.”
422-450 Bellarine Highway, Moolap, sold for $3.2 million in 2021.
The sale follows a $3.2m sale of a Bellarine Highway residence on a 42.8ha property last November, while three modern residences on 9000sq m properties within a rural residential zone each sold for more than $1m within the past 18 months.
Moolap has a $1.2m median house price, though it’s a traditionally tightly-held area.
In the past 12 months, just 12 houses have changed hands, according to PropTrack data.
450 Wilsons Rd, St Albans Park. For GA Real Estate.
A hidden gem with absolute Barwon River frontage set a suburb record in neighbouring St Albans Park in April.
The 2.09 hectare haven at 450 Wilsons Rd sold for $1.9m as buyers eyed the little-known rural setting on the urban fringe.