Tuesday, April 10, 2007

Prices of houses are going up in Geelong

from w
If you have over $2 million you can buy a three-bedroom penthouse overlooking Corio Bay. Hmmm. Not for the young couples, this one. Now that the Council has renovated the waterfront, the nearby land has became hot property and developers have put up a few of these boxes for those who want a view.

Now compare the cost with ordinary three-bedroom houses in the older suburbs - a house ten years ago might have sold for $90,000 but today would fetch $240,000. The brand new mansions in the newer suburbs are about $500,000. I don't know how young people can set up house these days!

The second building for sale has always interested me - Pevensy House - it is two blocks from where we used to live, and some of our parishioners lived at the back and across the road. It has recently been a Bed and Breakfast place. I always was interested in the tower and wondered what was it used for. I guess this house will be sold for a couple of million too.

The third building has a sorry tale behind it. It was once a pretty, traditional Presbyterian church, but became redundant when the Uniting Church was formed about 25 years ago (Methodist/Presbyterian/Congregational joined together) and it became a restaurant then a rather dodgy nightclub. Heavens above! Something went wrong with the lease and now it's being renovated into offices. Hmmm. Might be ghosts of some serious but scholarly Presbyterians there!

(added later, on Monday) Pevensy House sold for a little under $2 million on Saurday. I did a drawing of the tower on Friday and coloured it yesterday - took a bit of artist's license with the verandah though.

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Blogger The Moody Minstrel said...

What's the reason for such a massive jump in housing costs?

3:43 AM  
Blogger Peceli and Wendy's Blog said...

Many things - petrol, food, etc. has gone up a bit in recent years but property has really been a seller's market. Maybe it's because of the demand and competition and some rich people speculate with property and second and third homes. The banks encourage loans and mortgages and often people buy beyond their means or get into the cycle of both parters working for many years.

10:04 PM  

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