A tired California bungalow on close to a quarter-acre block beat price hopes by more than $400,000 in a tightly-held Geelong suburb.
Dale Whitford calls bids at 33 Bostock Ave, Manifold Heights. Picture: Peter Farago
A tired California bungalow on close to a quarter-acre block proved hot property in one of Geelong’s most tightly-held suburbs, beating price hopes by more than $400,000.
The 927sq m property at 33 Bostock Ave, Manifold Heights, attracted strong bidding from all quarters as hopeful buyers battled for the opportunity to create a new family home on the site.
The property sold for $1.54 million at Saturday’s auction.
It’s clear from the street that the weatherboard house has seen better days, but neighbours will no doubt be waiting to see whether the period facade will remain as a new home emerges.
Whitford, Newtown agent Peter Fort said there were two schools of thought among the buyers keen on the property – retain the facade and renovate and extend, or knock it down and rebuild.
A look around the neighbourhood shows people have tried both in recent years.
33 Bostock Ave, Manifold Heights, sold for $1.54 million.
Auctioneer Dale Whitford noted that owners were midway through extending up and back a few doors down the street.
“It’s a lovely corner block and a terrific opportunity whether you retain this lovely old California bungalow and breathe new life into it, or whether it’s to build a new home,” he said.
But this is a rare specimen in a suburb close to Pakington St shops and Newtown schools.
33 Bostock Ave, Manifold Heights, sold for $1.54 million.
Located on the corner of Bostock Ave and Narmbool St, it has not two, but three street frontages, if you also count the rear lane.
And the block is protected by a single dwelling covenant that covers much of Manifold Heights.
Bidding opened at $1.1 million, where agents set the indicative selling price.
It continued in $10,000 and $5000 increments before two final bidders remained in the field when the hammer fell at $1.54 million.
The two highest bidders compete for 33 Bostock Ave, Manifold Heights.
The buyers, from Geelong West, said they intend to create a family home.
Mr Fort said it was a rare opportunity.
“It just goes to show the strength of the opportunity and the potential of the land and what buyers can do with it,” he said.
“They are few and far between and it’s exceeded our expectations.
“By the time you build something on it, you’re worth $2.5 million.”
Manifold Heights’ median house price has risen nearly $110,000 in a year to reach $924,500 in December, 2021, according to PropTrack.
Originally published as Dream inner Geelong home site sells $400K above price hopes
Keyword: Dream inner Geelong home site sells $400K above price hopes