Add CategoryAn amazing renovation that’s transformed an original Herne Hill house has paid off handsomely at auction.
The three-bedroom house at 43 Rix St sold for $645,000 at Saturday’s auction to a young Melbourne couple.
The sale price, near the top of the quoted price range, set a $1486 per square metre land rate for the property, a benchmark that McGrath, Geelong agent Ricky Forte said was usually seen at high-end homes in Geelong West or Newtown.
The renovation transformed the three-bedroom house with two luxe bathrooms and an open-plan living area that has a polished concrete floor and a reclaimed timber bench.
It ultimately added nearly $250,000 to the property’s value in two years.
Mr Forte said the campaign drew five bidders to the auction, with two more prospective buyers remaining silent in the crowd as the price raced from a $540,000 opening bid.
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Mr Forte said the result would give confidence to buyers of original properties in Herne Hill that renovating should pay dividends.
“I thought it was a really good outcome,” Mr Forte said.
“I did some research and there was a bigger house in Maurice St that sold late last year for $723,000 which was a good result.
“It sold for just over $1000sq m. At almost $1500 per square metre, which is massive, that is a Geelong West price,” he said.
“It’s a really good sign for Herne Hill that renovations to period homes in the area are becoming a lot more desirable.”
The young couple from Melbourne liked the idea of buying a finished home.
“They were from inner city Melbourne and are moving to Geelong,” he said.
“They’ve got some friends in the area who have been spruiking how good it is and they were originally from Melbourne too.
“A good young couple and a dog and they’ve got the Great Australian Dream with a backyard.”
The median house price in Herne Hill is $535,000, according to Hometrack data, having risen close to 50 per cent in past five years.
The house last sold in 2018 for $397,000 before the seller embarked on the massive renovation and extension.