, Multiple buyers seek piece of Pako St action, The Nzuchi Times

Multiple buyers seek piece of Pako St action

, Multiple buyers seek piece of Pako St action, The Nzuchi Times

The lifestyle appeal of living close to Pakington St’s cafes drove competition for two units at either end of the popular shopping strip.

A two-bedroom brick unit at 3/349 Pakington St, Newtown, sold for $597,000, beating $470,000 price hopes.

Geelong Real Estate Co. agent Ricky Forte said 16 buyers put forward their best offers for the property after lockdown scuttled weekend planned auction.

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He said he had already adjusted the price guide up from $400,000 to $440,000 after strong initial interest and the cancellation of the auction may have actually worked in the vendor’s favour.

A former Geelong woman returning to the city from Melbourne secured the keys.

“We were just blown away,” Mr Forte said.

“Nine out of 10 people were owner occupiers just because of that lifestyle.

, Multiple buyers seek piece of Pako St action, The Nzuchi Times

“You have five or six good coffee spots within a couple of hundred metres and it’s walking distance to Kardinia Park.”

The unit had an updated kitchen and meals area and living room, a central bathroom and laundry that links to a private outdoor entertaining area.

Four bidders contested another two-bedroom brick unit just off Pakington St in Geelong West via an auction online on Saturday.

The updated residence at 4/20 Wellington St, just moments from Geelong train station, sold under the hammer for $587,000.

Hodges, Geelong West agent Jeff Begg said the result showed the merits of pushing ahead with the planned auction despite Covid-19 restrictions.

“We made the decision based on the fact we had put five weeks of work into it,” Mr Begg said.

“We knew we had the buyers already and we spent the day on the phone.”

He said a local investor purchased the unit ahead of a Melbourne-based underbidders.

One of four in its complex, it comes with a single garage and an expected rental return of $400 to $450 per week.

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