Local family has dream home plans for Geelong West property - realestate.com.au - realestate.com.au

35 Hope St, Geelong West, sold under the hammer at auction.

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A family looking for a dream new home site in Geelong West has snapped up a knockdown rebuild prospect that last sold for $26,000 in the 1970s.

Two bidders contested the four-bedroom weatherboard home on a premium 743sq m block at 35 Hope St.

It sold under the hammer for $1.08m at Saturday’s auction, beating $960,000 to $1.03m price hopes.

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The property had been in the hands of the one family for almost 50 years.

Jellis Craig Geelong agent Marcus Falconer said there were three buyers with their eye on the prized block.

“It sold to someone who is going to build their family home there,” Mr Falconer said.

“So they basically live in the area and competed against another local for the property. Both of them were looking at it as a site for their dream home.

“It was hotly contested with three buyers, only two of them really had an opportunity to fight it out.”

The kitchen and meals area.

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There are high ceilings in the loungeroom.

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The home, which CoreLogic records show was last traded in 1976, offered buyers a blank canvas to renovate or start over.

It was presented in liveable condition and retained original features such as a wide entry hall and timber mantelpiece in the loungeroom, as well as a large backyard with double garage and shedding.

But the location, between Pakington St’s shopping strip and Geelong train station, proved the biggest hook.

The 743sq m block was a big selling point.

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Mr Falconer said there was strong demand for new home sites in the neighbourhood, despite a wider softening in the land market.

“I think the central ring of the city, that two-and-a-half kilometre ring of the city is still moving quite well and in high demand so Geelong West is certainly bucking the trend,” he said.

Geeong West has seen an uptick in prices over the past three months, with the median house price sitting at $902,500, according to the latest PropTrack data.

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Local family has dream home plans for Geelong West property - realestate.com.au - realestate.com.au
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