Add Category![](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
The old miner’s cottage at 87 Weller St, Geelong West, sold for $617,000 at auction.
A young tradie has struck real estate gold in Geelong West after landing an old miner’s cottage in dire need of renovation.
The three-bedroom house at 87 Weller St is located in a sweet spot in the popular inner city suburb, with the front gate to the property just 150 metres off the Pakington St shopping and cafe strip.
The 287sq m property has offered for sale with a $545,000 to $595,000 price guide, but sold for $617,000 at Saturday’s auction.
RELATED: Newtown townhouse snapped up in four days
What Geelong home prices could be by 2029
Young couple to tackle unfinished Grovedale home
McGrath, Geelong agent Carl Hammond said five bidders had contested the auction for the property, all keen to unlock the hidden value in the old gem which CoreLogic records show last sold for $40,000 in 1989.
Inside the front bedroom of the home.
It was a popular property, with at least 80 people witnessing the auction.
The traditional double fronted facade is laced with original wrought iron lacework.
The interior featured a combined living, kitchen and dining area, three bedrooms, a bathroom and separate laundry.
“A young tradie has bought it and he’s going to renovate it for resale,” Mr Hammond said.
“It’s all about the location for him.”
The home features an open living, dining and kitchen space.
Mr Hammond said the home had clearly seen better days so was an ideal opportunity for a keen renovator or a blank canvas for a dream home.
“There was a couple of people that were looking to renovate and extend for themselves and a couple that were looking to renovate and resell,” he said.
The auction continues a string of sales to young people with trades under their belt of inner-city homes needing renovation, reflecting an air of confidence in the market.
French doors lead to the backyard.
The position is close to Pakington St to enjoy the dining options and shopping without the street noise.
“There is renewed interest in that type of property that has been a bit light on in the last few years,” Mr Hammond said.
“Anything circling $600,000 is hard to find in Geelong West.”
41 Weller St, Geelong West, goes to auction on April 13. It has a $850,000 price guide.
The previous sale in the street, at 41 Weller St, achieved $767,500.
The three-bedroom residence has been refreshed, with updates to the kitchen and bathroom in the freestanding house.
PropTrack data shows the median house price has dropped almost 10 per cent in the past year, to $859,000.
38 Russell St, Newtown sold for $500,000.
Meanwhile new owners are prepared to make a fresh start after snapping up an original period house near Newtown’s river end Pakington St shopping strip for $500,000.
The two-bedroom house at 38 Russell St had seen better days, with Jellis Craig Geelong agent Marcus Falconer stating the 269sq m land component was where the true value lied.
“It was two developers that were interested in it,” Mr Falconer said.
New owners could activate the back yard at 38 Russell St, Newtown.
“It was probably in was really poor condition and that certainly limited the amount of people that have got the additional funds to make the extra reinvestment in it.”
But he said there were redeeming features for buyers seeking to build.
“A young lady, who’s a professional in town, is looking forward to a new start in Newtown and, will utilise it for her family,” Mr Falconer said.
38 Russell St, Newtown, sold for $500,000 at auction.
“I think they’ll basically utilise the facade and do a modern addition on the back, taking advantage of the depth of the block and the north-facing backyard.”
The property has a 5m frontage that widens to 7m at the rear, with a 43m deep block.
It was presented in an original state, with two bedrooms, a kitchen and bathroom.
The location was certainly the prime feature of the property, which is a 10-minute walk to South Geelong train station, and only moments from the shopping precinct in Pakington St.
Chilwell and St Roberts were the local primary schools.