New street benchmark follows record-setting trend

A new record for Geelong’s Kilgour Street has followed a bumper sales period at the top end of the city’s real estate market.

McGrath Estate Agents Geelong sold a lavishly renovated four-bedroom home at 156 Kilgour Street for a $2.4 million vendor bid at auction on Saturday, in line with pre-sale expectations.

The Kilgour Street property had belonged to a builder, who had extended the property into what is now the stunning jewel of the central Geelong street.

McGrath Estate Agents Geelong principal David Cortous said the result was a “good, fair price” for all parties.

“We had the price guide at $2.4 million to $2.6 million. [$2.4 million] is still a good result given it was a street record, it’s a very good price for that location and that street.

“There’s not that many buyers on the ground at the moment as we’ve seen previously, there’s no secrets there.

“We may have seen a bit more money if it went to market six months ago, but it was still a great result in the market.”

Despite the slight cooldown in interest for properties in recent weeks, Mr Cortous said his agency had still chalked up impressive results with its premium listings.

The Kilgour Street sale follows a suburb record for Geelong at 5 The Esplande, which sold for $5.23 million – well clear of its $3.8 million reserve following an auction bidding war.

It came after a penthouse property at Miramar Geelong, on Cavendish Street sold for an undisclosed sum, understood to be within its pre-sale expected price range of $4.2 million to $4.4 million in an apartment record for the city.

“We’ve seen that higher end type of property still transact really well and achieve really good prices,” Mr Cortous said.