Competition hots up in ‘undersold’ Geelong suburb

Six bidders put their hand up at Moolap auction where a four-bedroom California bungalow and existing storage business proved an irresistible combination.The 2.47ha property at 442-460 Portarlington Rd, Moolap, sold under the hammer for $1.74 million, beating price hopes by almost $200,000.RELATED: Inside a remarkable Geelong homeEast Geelong home sells $430,000 over reserveGeelong West home gains $700,000 in three yearsThe impacts of the new lending restrictionsBuxton agent Ben Riddle said local buyers and Melbourne investors were among those keen to build on its potential.The onsite storage business has an annual income of about $60,000 per annum with established clientele.“It was obviously the fact it was a rural property and house and that it also had a business attached,” he said.“It was a little boat storage business that the vendor had built up that in good will came with the property.“There were a few people looking at the property as an opportunity.”Bidding opened at $1.35 million.Mr Riddle said Moolap was traditionally an undersold suburb but people were realising it offered space in a rural setting just a few minutes drive from central Geelong.The character home is set well back from the road among established trees and has well-preserved original features including timber floorboards, ornate cornices and fireplaces.The floorplan comprises two living areas, including an updated kitchen that forms the heart of the home.A series of carports and two huge sheds at the rear provides myriad opportunities for workshops and vehicle storage.

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November 29, 2021 at 12:30AM
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Six bidders put their hand up at Moolap auction where a four-bedroom California bungalow and existing storage business proved an irresistible combination.The 2.47ha property at 442-460 Portarlington Rd, Moolap, sold under the hammer for $1.74 million, beating price hopes by almost $200,000.RELATED: Inside a remarkable Geelong homeEast Geelong home sells $430,000 over reserveGeelong West home gains $700,000 in three yearsThe impacts of the new lending restrictionsBuxton agent Ben Riddle said local buyers and Melbourne investors were among those keen to build on its potential.The onsite storage business has an annual income of about $60,000 per annum with established clientele.“It was obviously the fact it was a rural property and house and that it also had a business attached,” he said.“It was a little boat storage business that the vendor had built up that in good will came with the property.“There were a few people looking at the property as an opportunity.”Bidding opened at $1.35 million.Mr Riddle said Moolap was traditionally an undersold suburb but people were realising it offered space in a rural setting just a few minutes drive from central Geelong.The character home is set well back from the road among established trees and has well-preserved original features including timber floorboards, ornate cornices and fireplaces.The floorplan comprises two living areas, including an updated kitchen that forms the heart of the home.A series of carports and two huge sheds at the rear provides myriad opportunities for workshops and vehicle storage.