Phone bidder from NSW swoops at entry-level Leopold auction

An interstate buyer has swooped on a corner Leopold property as investors from across the country again turn their attention to Geelong.

First-home buyers were among those vying for the entry-level, three-bedroom house at 10 Arden St, which was advertised with a $409,000 to $449,000 price guide.

But the New South Wales buyers proved to have deeper pockets on auction day, outbidding three rivals to purchase the 632sq m property for $475,000.

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10 Arden Ave, Leopold, sold at auction for $475,000.

Hayeswinckle, Geelong listing agent UJ Walia said he was one of many interstate investors drawn to Geelong, where affordable properties still promised attractive rental yield.

“I am selling more in Corio and Norlane norlane as well so anything around that $450,000 to$500,000 mark it is all interstate investors interested,” Ms Walia said.

“Even the buyers’ agents are buying for interstate investors, so we have buyers’ agents sitting in Brisbane for example and buying here.”

She said in this instance the proximity to Leopold Primary School and Leopold Community Hub that was a big attraction.

The house an open-plan kitchen/meals area.

The lounge has polished timber floorboards.

“The two bidders in the crowd were first-home buyers and the other two were investors on the phone and the New South Wales investor ended up buying it,” Ms Walia said.

“It was the location and the land because it was a big block and in Leopold it’s not so easy to find such a big corner block in that area.”

She said the buyer planned to make some improvements to the centrally located home before renting it out long term.

The house retains original timber floorboards and decorative cornices and has an updated bathroom and garaging for two cars.

Leopold’s median house price is $657,000, according to PropTrack.

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