One of the cheapest houses to hit the Grovedale market this year provided the perfect opportunity for buyers to end an 18-month property search.
One of the cheapest houses to hit the market in Grovedale in the past year has provided the perfect opportunity for buyers to end an 18-month search for a home.
The three-bedroom house at 59 Burdoo Drive sold at auction on Saturday for $550,000.
That’s the lowest price since last winter, and one a fast diminishing number priced under $600,000 in the southern Geelong suburb increasingly popular with young buyers.
It’s popularity is built around its affordability and location, close to the city, with shopping at nearby Waurn Ponds.
The sale price was what a typical house in Grovedale cost 12 months ago.
Grovedale’s median house price is now $655,000, having jumped $105,000 in the past 12 months.
The 662sq m property close to Pioneer Rd had been offered with a $490,000 to $540,000 price range.
A fresh lick of paint and plenty of light in photography made the property look reasonably slick, but closer inspection showed there was a fair bit of work ahead, which had been a let-down for some potential buyers who went cold before the auction.
But when you’ve got a trade certificate under your belt, all that is put in perspective.
“I’m sick of renting,” the buyer said.
“I’ve been trying to buy in Grovey for 12 to 18 months. So everything has been going (up) on us.”
Having a trade will help update the brick veneer house.
“I’m a carpenter, so this joint won’t end up looking like it looks now,” he said.
“To me I’ve always been from Grovedale, so this is just another Grovedale house.
“My mates live in Grovedale and my family live in Grovedale, so you kind of expect the paintwork and that kind of carpet. You know that before you look.
“I haven’t seen a house go in Grovedale for under 600 in 12 months.
“We were bidding on one in Springhurst Cres – three bedrooms and one bathroom – and it sold for $770,000. So we’ve saved a couple of bucks.”
McGrath, Geelong auctioneer David Cortous said buyers could capitalise on the high capital growth location.
“When you talk about location, you’ve got Waurn Ponds shopping centre, schools, access to the Surf Coast and great access to the CBD,” he said
“This home you can certainly do with some work but that’s where you can get the uplift from.”
He said 130 groups had been through the house during the campaign.
Originally published as Chippy nabs Grovedale bargain to end property search