City escape earns $370K bonus at Geelong auction

The four-bedroom residence at 5 High St, Moolap was snapped up at auction on Saturday for $1.47 million.Hodges, Geelong West agent Jeff Begg said expectations had been lifted in the days prior to the auction to $1.1 million based on the level of competition for the property.Property values rising in outer suburban and regional areasRELATED: A million reasons why Grovedale auction paid offMid-Century Highton house sells a whopping $700K over reserveAFLW Demon Lily Mithen scores Geelong investment“There was five bidders and even though it was close to the industrial estate, most of the buyers were young families just looking for some land,” he said.“Square metreage in the current market is in strong demand. The couple of acreages that we’ve sold recently, the rural properties have flown and this one in Moolap was the same thing.”The .46ha property offered an updated four-bedroom house that had been refreshed with double glazed windows, new carpets and fresh paint.“The vendors had just put a swimming pool in and they had updated the kitchen but nothing major. It had a bit of a facelift,” Mr Begg said.“The kids can go in the back yard and escape but they can’t escape.”The property offered a four-car carport at the front, a large open garage and extra shedding and workshops behind the house.Also thrown in was a gazebo, a pond with a Japanese-style bridge and resident bullfrogs, and vegetable gardens and a chook shed. Mr Begg said the property generated fierce competition among local buyers.“There was families coming in from Leopold, Ocean Grove, Belmont. Not much inquiry from Melbourne, all local buyers,” he said.“There is never much to choose from (in Moolap) and we had marketed it to the buyers (that missed out) on the other rural places they had been through to let the know that they’ve got an inner city 1.2 acres in Moolap if it wasn’t on your shopping list.”

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October 27, 2021 at 12:30AM
The four-bedroom residence at 5 High St, Moolap was snapped up at auction on Saturday for $1.47 million.Hodges, Geelong West agent Jeff Begg said expectations had been lifted in the days prior to the auction to $1.1 million based on the level of competition for the property.Property values rising in outer suburban and regional areasRELATED: A million reasons why Grovedale auction paid offMid-Century Highton house sells a whopping $700K over reserveAFLW Demon Lily Mithen scores Geelong investment“There was five bidders and even though it was close to the industrial estate, most of the buyers were young families just looking for some land,” he said.“Square metreage in the current market is in strong demand. The couple of acreages that we’ve sold recently, the rural properties have flown and this one in Moolap was the same thing.”The .46ha property offered an updated four-bedroom house that had been refreshed with double glazed windows, new carpets and fresh paint.“The vendors had just put a swimming pool in and they had updated the kitchen but nothing major. It had a bit of a facelift,” Mr Begg said.“The kids can go in the back yard and escape but they can’t escape.”The property offered a four-car carport at the front, a large open garage and extra shedding and workshops behind the house.Also thrown in was a gazebo, a pond with a Japanese-style bridge and resident bullfrogs, and vegetable gardens and a chook shed. Mr Begg said the property generated fierce competition among local buyers.“There was families coming in from Leopold, Ocean Grove, Belmont. Not much inquiry from Melbourne, all local buyers,” he said.“There is never much to choose from (in Moolap) and we had marketed it to the buyers (that missed out) on the other rural places they had been through to let the know that they’ve got an inner city 1.2 acres in Moolap if it wasn’t on your shopping list.”