East Geelong house nets $180k gain in quick sale

The three-bedroom house at 21 Thorne St, East Geelong, sold for $1.08m at auction.

Sellers have turned a sizeable profit on a double-fronted Victorian-era house in East Geelong they’d owned for a little over a year.

The 353sq m property at 21 Thorne St, East Geelong, sold for $1.08m at Saturday’s auction.

Jellis Craig Geelong agent Marcus Falconer said two bidders contested the property at the auction, with a professional couple walking away with the contracts.

The character residence last sold in late 2023 for $900,000, had been listed for sale with a $1.05m to $1.15m price guide.

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Mr Falconer said the owners had updated the kitchen in the three-bedroom house, but the uptick in value was also a sign of an improving market.

East Geelong’s property market has been among the most impacted by the downturn after the pandemic boom, with a 15.8 per cent drop in median house price over three years to $788,750, according to new PropTrack data.

But in the past 12 months, the suburb’s median house price has climbed 2.4 per cent, or close to $20,000 in a sign that the market is improving.

Built-in cupboards and bookshelves, polished floorboards and open fireplaces are a feature in the living room.

The shaker-style kitchen is a recent update in the house.

Mr Falconer said the buyers had already relocated to Geelong and had experienced the area.

“They have been renting for a couple of years, just trying out the area,” Mr Falconer said.

“They’re a professional couple who relocated to town and the access to the botanical gardens and the waterfront was probably one of the key drivers in the village, just from a lifestyle perspective.”

The character home is located within the suburb’s Golden Triangle, with city fringe benefits such as walking access to the East Geelong village, the botanic gardens, Eastern Beach and the CBD.

The restored heritage facade featured a bullnose veranda and tessellated tiles, with a renovation creating an open-plan living zone and previously updating the bathroom.

The frameless shower and freestanding bath feature in the updated bathroom.

The 353sq m property has a spacious backyard.

“Basically this owner has just updated the kitchen and put their own spin on it,” Mr Falconer said.

“The previous owner had only bought it about a year ago and sold it for a profit.

“It’s a sign of how well the market is going.”

The Shaker-style kitchen has a classic farmhouse butlers sink, English tapware, an Asko oven and American oak benchtops.

The house has timber plantation shutters to filter light and offer privacy in the main rooms. The sitting room contains built-in cupboards and bookshelves, a steel-grate fireplace, polished timber floors and period trimmings.

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