Belmont home sees $230K value increase in seven years
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In an impressive display of the booming real estate market, a three-bedroom house at 7 Allitt Ave, Belmont, has been sold at auction for $820,000, marking a significant uplift in value since its last sale. This former rental property, which has undergone several updates, attracted five bidders, including three absentee investors who participated over the phone.
The property, which was initially purchased for $589,000, has seen a capital growth of $231,000, equating to a 39.2 per cent increase over seven years. This growth is in addition to the rental income that started at $450 per week in 2020 and increased to $510 per week by 2024. The substantial increase in value highlights the strong demand and potential for investment in the Belmont area.
David McGuinness, a McGrath Geelong agent, detailed the various improvements made to the property that contributed to its market appeal. “It was one of our ex-rentals,” 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 new Colorbond roof.”
The house, which features two updated bathrooms and a classic kitchen with white cabinetry and stainless steel appliances, also boasts polished timber floorboards that add character to the open-plan kitchen, dining, and living area. The bedrooms are equipped with built-in wardrobes and modern touches such as pendant bedside lighting, making it an attractive option for buyers looking for a move-in-ready home.
McGuinness noted the changing demographic of the Belmont area, which is becoming increasingly popular among families. “Most of the homes in there have had a bit of work done to them. Now it’s looking like a really nice spot,” he explained. “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.”
The auction saw competition from both investors and families looking to owner-occupy the property. “There were three investors and two families seeking to owner occupy among the five bidders contesting the property,” McGuinness said. The successful buyers plan to live in the house, marking a new chapter for the property that has proven to be a lucrative investment for its previous owners.
The sale of 7 Allitt Ave is indicative of the broader trends in the Geelong real estate market, where properties in desirable locations are experiencing significant appreciation in value. This trend is driven by a combination of factors, including the area’s appeal to families, the quality of the housing stock, and the overall community atmosphere.
The previous owner, who sold the property for just over double the $290,000 they paid in 2010 after completing a makeover, also benefited from the rising market. This underscores the potential for substantial returns on investment in the Belmont area, particularly for properties that have been well-maintained and updated to meet current market expectations.
As the real estate market in Geelong continues to thrive, properties like 7 Allitt Ave are likely to remain in high demand. The combination of a strong community, modern amenities, and the potential for capital growth makes Belmont an attractive option for both investors and families seeking a vibrant place to call home.