Bargain block sells for $30,000

Andrew Mathieson
A THRIFTY buyer has snapped up a residential block in Geelong for $30,000.
City of Greater Geelong sold the North Geelong property after scrapping plans to extend Galway Avenue through the site into an adjacent industrial area.
North Geelong Real Estate’s Joe Grgic believed the land was probably worth $70,000 in a “worst-case scenario”.
“Anyone who can pick up land of that size for that money in Geelong would be very happy.”
Mr Grgic was puzzled why the City did not auction the land for the best return.
But City corporate services acting general manager Lindsay Allan said the “small parcel of land” on Giddings Street was sold to an adjoining landowner in accordance with an independent valuation of “current market value”.
“It would not have been sold to anyone else because it could not be used by anyone else,” Mr Allan said.