Bidders produce bumper result for inner Geelong pad
Heavy weekend traffic on Mercer Street and Latrobe Tce was a welcome sign that a property near Geelong’s waterfront was a good investment.
The counter-intuitive sign made sense as two bidders, both investors, were looking to acquire the property at 19 The Esplanade South and capitalize on its potential to serve as short-term housing.
The two-story townhouse stood right at the end of Mercer Street, within sight of the Latrobe Tce flyover.
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But it was its proximity to the waterfront and city center where potential buyers could see the real value.
Central Geelong was buzzing with life, with the annual Festival of Sail and the Cadel Evans Road Race drawing thousands of people to the city.
Bidding opened at $950,000 before the property sold for $1.05 million
It was listed at prices ranging from $950,000 to $1,045 million.
“It was nice to see two strong buyers bidding against each other,” said McGrath, Geelong agent Egle Skridulis.
“Both bidders were looking from an investment perspective,” said Ms. Skridulis.
“There were other buyers looking for an investment perspective, but those looking to live wanted something closer to the Esplanade or bigger or not as noisy.
“But from that point of view the location is great, people can walk to town, they can walk to the water and everything is very central.”
The three bedroom house sits on a 295m2 plot.
An open plan kitchen, living and dining room form the main part of the ground floor, with the master bedroom and bathroom and laundry room.
Two more bedrooms, a retreat or study and a second bathroom are upstairs.
The front yard has a dense garden while a sliding glass door opens to a pergola and backyard.
Ms Skridulis said buyers are likely to spruce up the property to use as an Airbnb.
“You can see how convenient it is.
“The property just needs a little love. There used to be tenants there so they could tidy it up and the garden and it’s going to be a very good property.
“It’s close to the bus station, close to the train station, so I think it made sense.”
Any concerns about the location near main roads were allayed during the inspection, she said.
“It’s a beautiful home and with the privacy of the garden at the front when you walk in you don’t really see those streets. You are there in your own little world.
“People think it’s busier if they can just drive by and discount the property.
Those who came to check it out found that it wasn’t as bad as they thought it was and when you close the doors it’s quite private and quiet and you have a really good backyard to sit and relax.”