Belmont home earns $230K value uplift in seven years

The three-bedroom house at 7 Allitt Ave, Belmont, sold for $820,000 at auction.

New owners could get away with adding little to their to-do list when they move in to a three-bedroom Belmont house they bought at the weekend.

The former rental property bears the work done to keep the house up to date for the property market, such as two updated bathrooms and a classic kitchen complete with basic white cabinetry and stainless steel appliances, along with built-in wardrobes in the bedrooms.

McGrath, Geelong agent David McGuinness explained other work, such as restumping and replacing the roof just before the sale campaign had also been done, along with the splash of paint to create a welcoming property primed to sell.

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Polished timber floorboards provide character throughout the home’s open-plan kitchen, dining and living area.

That’s maybe one reason why five bidders contested the 614sq m property at 7 Allitt Ave Belmont, including three absentee investors bidding over the phone.

The property sold for $820,000, after being offered with price hopes from $740,000 to $780,000.

“It was one of our ex-rentals,” Mr McGuinness said.

“They gave it a coat of paint, it had already been restumped and the roof was discovered to be crook, so a couple of weeks ago they replaced the old cement tile roof with a brand now Colorbond roof.

Bedrooms feature built-in wardrobes and modern touches such as pendant bedside lighting.

“Most of the homes in there have had a bit of work done to them. Now it’s looking like a really nice spot.

“There’s been a real changing of the guard with a lot of older people that lived in that area are all gone now. There’s a lot more families and the neighbours that we spoke to that are living reckon it’s got a really nice community vibe.”

Mr McGuinness said there were three investors and two families seeking to owner occupy among the five bidders contesting the property.

The kitchen offers substantial storage and cooking space.

While the buyers will occupy the house, it proved a good investment for the owners who paid $589,000 for home in $589,000.

The $231,000 uplift represents capital growth of 39.2 per cent increase over seven years, on top of the rental income that started at $450 a week in 2020 and rose to $510 a week in 2024.

Compare that to the previous owner, who sold for just over double the $290,000 paid in 2010, after completing the makeover.

The house features polished timber floors, split-system airconditioning for year-round heating and cooling and an open-plan kitchen, living and meals area with a north-facing aspect.

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