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Belmont house earns $276K in 18 months as vendors cash out

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Vendors of an unchanged three-bedroom house cashed in on huge price growth at auction.

An unchanged Belmont house has earned almost $300,000 in 18 months in a sign of how far Geelong’s market has moved.

The three-bedroom brick house at 30 Cambridge St, Belmont sold under the hammer for $945,000 on Saturday.

CoreLogic records show it last traded for $669,000 in August 2020.

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Buxton agent Tony Moorfoot said four bidders pushed the price of the 702sq m property, which ticked the boxes for a range of different buyers.

A big backyard with rear access created an opportunity for a potential subdivision or a major extension in future.

“Aesthetically it was a very cute home and it’s in a great location,” Mr Moorfoot said.

“The rear entry gives people a chance to chop off the back and come in from Oxford St, which is what the one next door is doing, so it appealed to downsizers, investors and young couples.”

He said many of the buyers, including the local investor who topped the bidding, had family in the area.

He plans to sit on the property, which already had tenants in place, and possibly live in down the track.

The homes retains character features such as polished timber floors, high ceilings and picture rails and has a flexible floorplan with an updated kitchen, separate loungeroom with gas log fire and a central bathroom.

It was listed with a $749,000 to $799,000 price guide.

Belmont’s median house price jumped 19.8 cent to $731,000 over the past 12 months but has dropped 2.5 per cent since November, according to PropTrack data.

Originally published as Belmont house earns $276K in 18 months as vendors cash out



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