The three-bedroom house at 54 Sydenham Ave, Manifold Heights, sold for $745,000.
An original Manifold Heights character home with a retro feel has been snapped up after four bidders raised a hand.
The three-bedroom house at 54 Sydenham Ave sold for $745,000 at the weekend auction after the property had been listed with price expectations from $690,000 to $720,000.
Maxwell Collins Geelong agent Duncan Skene said the 514sq m property attracted plenty of local interest.
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The retro kitchen also includes a dining booth.
“It was mainly people wanting to get into that pocket,” he said.
“They realised the home needed a bit of work, but it was more about the location and they could chip away at the work.
“Some people might know it over, some people might just renovate it.
“It’s a pretty good street.”
The house was tenanted, but Mr Skene said the level of work required to modernise the property meant a Melbourne-based buyer was the only investor to raise a hand.
“Unlike some of my properties there wasn’t as many buyers advocates on that property because you needed to do a bit.”
But the opportunity to renovate and extend or to rebuild has its rewards, with other renovated properties in the street selling for more than $1.1m as recently as September.
The three-bedroom house at 54 Sydenham Ave, Manifold Heights, sold for $745,000.
The north-facing backyard provides the opportunity to extend.
“It was an older home but a lot of houses are getting renovated,” Mr Skene said.
“It was probably one of the last opportunities to get in still at an entry level and do that type of thing.”
The house offered three bedrooms each with built-in wardrobes, a formal lounge room and a retro eat-in kitchen with a meals booth.
A side driveway leads to a single garage, while the north-facing backyard offered the opportunity for new owners to extend.
Manifold Heights’ median house price of $1.04m has climbed nearly 30 per cent in the past five years on the back of a string of high end sales.
A 12 per cent decline in the median house price reflects cheaper or unrenovated properties flowing through the market more recently.
The home was last traded on the market in 2007 for $302,000.
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