A Geelong West California bungalow that matches contemporary style with old world charm in equal measure has proved the ideal spot for a Melbourne buyer to branch out into regional property.
Jeromy Tse emerged the successful bidder for the four-bedroom residence at 104 Elizabeth St at Saturday’s auction
Mr Tse’s final offer of $1.125m for the classic residence was enough to close the competition with two other bidders.
Bidding opened at $1.02m for the home, which had offered with a $1m to $1.1m price guide.
Barry Plant, Highton auctioneer Kieron Hunter declared the property was on the market at $1.1m.
“This California bungalow has got style. It’s got wood architraves, it’s got the wood details, the high ceilings, it’s got personality and that why we love them,” he said.
“This one is very special. It’s been modernised and has got a large open-plan living area at the back and opens out to the backyard.
“There is room for a garage if you like and you can create a really nice courtyard with that north sun and you can open that all up over the summer months and even settle before Christmas if you like.”
The clever and sympathetic extension created a light-filled, open-plan living-dining space with high ceilings and timber bi-fold doors that open to an outdoor entertaining area.
A bi-fold servery from the kitchen out to the decked area, makes this an ideal home for anyone who loves to entertain.
Set on a 437 sqm block, it is walking distance to the vibrant Pakington St dining and retail strip.
Mr Tse will add the property to his investment portfolio that is spread across three states.
“I’ve been looking around or a couple of months – either Geelong West or Newtown,” he said.
“Newtown is a bit out of my budget range, so I was looking around here for this type of property. I’m happy with it.”
Mr Tse said his investment properties were in Sydney, Brisbane and Melbourne.
“This is my first in Geelong, my other in Truganina and St Albans. I’m just diversifying a bit and going regional.”
Recent strong price growth means the rental yield in Geelong West is a low 2.61 per cent, according to data researcher PropTrack.
The suburb has a $955,000 median house price, while the median asking rent (across all houses) is $480 a week.
Originally published as Californian bungalow dream entry into Geelong West