Images and floorplans are provided for illustrative purposes and remain the property of their respective copyright owners.

116 Ormond Road, East Geelong VIC 3219

650000-680000

Search Band Search Visibility Band

$650k - $683k Transparent Transparent Listing Based on an openly advertised listing price.

House 3 Beds 2 Baths 2 Cars

Listed: 15 days ago

Updated: 16 hours ago

Overview

This property presents a unique development opportunity in a rapidly growing region, offering substantial potential for investors and developers alike. With council approval for two additional townhouses, the site is primed for value addition through construction and expansion, enhancing both rental income and capital growth prospects.

Currently generating a rental income of $700 per week, the home is well positioned near key amenities including the popular Geelong Botanic Gardens, Westfield Shopping Centre, and the Waterfront Precinct, all within easy reach. The surrounding infrastructure, such as proximity to three major hospitals and premiere universities, ensures sustained tenant demand, making the property an attractive choice for building a secure and profitable real estate portfolio.

Boasting a spacious layout with three bedrooms, two bathrooms, and parking for two cars, the existing house provides comfortable living arrangements while the approved development opportunities cater to future growth and diversification. This combination makes the property suitable both as an income-generating asset for investors and as a project for developers aiming to capitalize on housing demand in this sought-after locale.

Local Market Insights

In East Geelong, Quiet Listings observed 31 new houses entering the market over the last 30 days, up from 22 during the previous 30-day period, with an average advertised asking price of $628,258. The property type mix of listed properties is predominantly Houses at 72%, followed by units (26%), and commercial properties (2%). The most active agency for houses in the East Geelong area is currently Geelong Real Estate Co., representing 26% of new listings, followed by Hayeswinckle with 26%. These insights are based on agencies currently monitored by Quiet Listings and are updated as the local market changes.

While every effort is made to ensure the accuracy and completeness of the property information provided, no guarantee is given. Buyers should independently verify all details, inclusions, availability, pricing, and other relevant information directly with the listing agent before relying on this information.