Buyers who focus on Geelong Property output on CBD -unit blocks -realestate.com.au

Two full flats In addition to the most important hospitals of Geelong, more than $ 5 million in sales have generated the appetite of investors for the second city of Victoria grows.

The properties from the middle of the century with 15 separate units with two bedrooms were protected by investors in separate deals treated by Gartland Geelong-agent Tony Young.

The second of the transactions was completed last week when the three -storey Alexander Thomson Court was sold at 57 Swanston ST, Geelong.

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Both complexes are opposite Geelong’s University Hospital, where tower cranes surround the construction site for the new Barwon Women and Children’s Hospital.

Mr. Young said that agents had tried to find buyers for individual units in the complex, but it was only when the entire complex was offered, which was seriously interested.

“There is definitely a huge question for them,” said Mr. Young.

“A few individual units in the group were on the market, one with us and Maxwell Collins also had one. I couldn’t even get anyone to look at them.

“As soon as it was the whole group, it became a completely different ball game.

The block of six units of units on 72 Bellerine ST, Geelong, sold in May.

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“I could have selled that specific group to five or six real buyers.”

The block with six units on 72 Bellerine ST sold to an investor in Sydney in May for $ 2.11 million.

“She never even came to look at the building, she just trusted why WhatsApp and a detailed construction inspection,” said Mr. Young.

Since then, that investor had broken up another unity complex in Newtown, he said.

“It is almost as if any ownership seminar in Australia mentions Geelong. It is taste of the month.”

Mr. Young said that the Bellerine St -Complex was on a single title, but the Swanston ST property was entitled Strata and had an Optus Communications Tower on the roof.

The construction continues to the Barwon Women’s and Children’s Hospital in Geelong.

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The properties are in the heart of the Medical District of Geelong, with seven of the nine Swanston St -units, with the entire complex that returns $ 170,000 a year.

The Bellerine ST complex returns just over $ 100,000 a year in rent, with individual units that earn an average of $ 330 a year.

Turnover means the individual units for an average price of around $ 350,000.

Blocks of Strata entitled are rarely offered in one package, although the complex new owners offered the opportunities upgrade about a five -year plan to improve the income flow.

The sale of Centrale Geelong unit has steadily increased, with a recent hotspotting report that identifies the suburb for future growth.

The unit market has a median price of $ 650,000, which reflects an increase of 5.9 percent by more than 12 months on the back of 67 turnover, according to proptrack data.