House and Home Design - Realestate Passion
ROOM for growth in the Grovedale property market is what attracted a Melbourne buyer to snap up an investment property in the suburb.
Roger Van Hilst and partner Anna Heaney, from St Kilda, had been looking for an investment property for about four to five months before securing 1 Ryong St, Grovedale at auction for $495,000.
Bidding started with a vendor bid of $400,000 before two parties competed for the partly renovated three-bedroom house.
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Mr Van Hilst said the reason he chose Geelong was because he liked the market down here.
“There seems to be room for growth,” he said.
Hodges, Geelong West agent Sean O’Brien said growth in Grovedale over the past year was through the roof.
“In 10 years it will be worth double,” Mr O’Brien said.
He said there was a lot of interest on this property as it was still affordable.
The house has instant family appeal with three bedrooms and two living areas plus a covered outdoor entertainment area that flows into the grassed backyard.
The median house price in Grovedale has increased 11.1 per cent in the past year to $450,000 while the gross rental yield is 4.3 per cent well above the 3.6 per cent for the Geelong region, according to CoreLogic.