Entry-level inner city cottage ripe for renovation attracts four auction bidders

May 2024 · 2 minute read

Snapping up an entry-level inner city cottage just around the corner from the family home proved the perfect solution for a Geelong couple keen to move its adult children out of the nest.

The buyers were one of four bargain hunters who raised a hand for the two-bedroom weatherboard house auctioned at 198 Kilgour St on Saturday.

They paid $668,000 for the 348sqm city fringe property.

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The highest bidder said securing the home as an investment would enable their children, aged in their early 20s, to move out.

“It is a win, win because it will set us up for retirement and they can move into it once we have renovated,” he said.

“We live just around the corner and it will be something we can work on together. That’s the plan.”

Bidding opened at $550,000, with three bidders doing the initial heavy lifting before a late contender entered the race at $640,000 to drive further competition.

McGrath, Geelong listing agent Wayne Baker said first-home buyers and investors were among those seeking to add value to the prized lifestyle location.

The 1920s bungalow, with a basic kitchen, two living areas and two bathrooms, presented as a renovation prospect.

Auctioneer David Cortous said the “cute as a button” home had loads of potential, particularly when you considered its position in a “beautiful street”, walking distance from the CBD, Garden St shopping strip and South Geelong train station.

“Get through that front door and it’s still original, neat, cute and liveable but there’s certainly an opportunity to get in here and add value to this property,” Mr Cortous said.

“It’s got plenty of natural light and it’s got a nice big backyard out there with plenty of room to further extend, subject to council approval. You could certainly open this property up and turn it into the modern day masterpiece.”

PropTrack’s latest data shows the median sale price for houses in Geelong is $940,000.

Originally published as Inner city cottage helps Geelong couple realise empty nest dream

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