Inner Geelong snapped up in ‘good buy’ after first inspection

The four-bedroom house at 20 Thorne St, East Geelong, sold for $750,000 in a post-auction deal.

A local buyer who inspected an inner Geelong home for the first time prior to auction, used the post-auction unconditional period to lob an offer with the sweetener of a short settlement to snap up the property.

The purchasers paid $750,000 for the four-bedroom character home at 20 Thorne St, East Geelong, after the home had been passed in at auction.

Gartland, Geelong agent Greg Matheson said the deal surprised some people, who he said later told him they would have acted at the level on the two-storey house.

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20 Thorne St, East Geelong.

But they didn’t, and the buyer ultimately timed a run to purchase the home to perfection.

“She went through the property for the first time at the auction,” Mr Matheson said.

“Her offer was under auction conditions, so it was an unconditional offer.”

While the buyer had inspected the property prior to the auction, she didn’t raise a hand when the auction opened.

“She walked up after it and said I’m going to put an offer in – unconditional, 30 days,” he said.

“Come Monday, it was reverting to private sale, which all of a sudden brings in conditional buyers, who are subject to finance or other conditions.”

Mr Matheson said he negotiated to raise the final deal to $750,000.

The attraction was the location, he said.

“It’s a great pocket of East Geelong and a really tightly-held community.

“It’s always been a prestigious location but it’s probably one of those that’s been mistakenly overlooked for far too long.

20 Thorne St, East Geelong.

20 Thorne St, East Geelong.

20 Thorne St, East Geelong.

“It is such a great spot near the CBD, Eastern Gardens. There has been a heavy focus on Geelong West, Newtown, Manifold Heights and Hamlyn Heights – that side of town.

“She feels she’s got a really good buy.”

The property went to auction with price hopes from $820,000 to $890,000, after tenants had vacated the home.

East Geelong’s median house price is $765,000, according to the latest PropTrack data.

The two-storey character home offered an appealing entry point to one of East Geelong’s most tightly held tree-lined streets where new owners could renovate or extend.

The four-bedroom house occupies a 357sq m block with dual-street frontage, paving the way for new owners to add garaging off Winter St.

A large north-facing porch adorned with leadlight windows introduces the weatherboard home, which has ducted heating, split-system cooling and solar panels.

Inside, the entry level features high ceilings and archways that link the cosy front lounge to a formal dining room with a decorative corner fireplace.

Upstairs is a light-filled parents’ retreat that incorporates a second living space and a spacious main bedroom with a modern ensuite and a walk-in wardrobe.

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