Four buyers contested the 842sq m property at 8 Cara Rd, Highton, which sold for $862,000.
New owners have found a way to unlock the value in the popularity of a Highton riverside pocket after beating three other bidders to a mid-century home at an auction.
There was plenty of interest in the four-bedroom residence at 8 Cara Rd from a mix of buyers, including some looking to turn the house into the “forever home”, Hayeswinckle, Highton agent Michelle Winckle said.
But two bidders who saw the potential to capitalise from subdividing the corner block ultimately showed their deeper pockets at Saturday’s auction.
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Four buyers contested the 842sq m property at 8 Cara Rd, Highton, which sold for $862,000.
“There was four bidders – the last two, that fought it out at the end, turned up on the day,” Ms Winckle said.
“Two of them were looking at for a family home – a forever home,” she said.
“And then the other two were looking at potentially buying it, living in the house, and then subdividing the back.”
The latter pair duked it out to the end at Saturday’s auction, when the property sold for $862,000.
The 842sq m property had been listed with price hopes from $790,000 to $850,000 and sold on a weekend when there was a large amount of buyers in the mix for Geelong properties.
“Homes in good locations – if the vendors are reasonable with their reserve – they will sell,” Ms Winckle explained about the auction.
“It’s just about listening to the market and adapting to the market,” she said.
There are original features such as the kitchen.
A previous extension adds an fourth bedroom and second living area to the home.
The updated bathroom.
“And, if you’re in a good location, I find that all the auction we’ve done have sold. It’s still a very good auction market.”
The more than 60-year-old solid brick house hit the market for the first time at Saturday’s auction.
Ms Winckle said it was a rare property in today’s market, as most in the area had already been sold or renovated.
The opportunity to renovate, extend or subdivide was the home’s main redeeming feature for buyers, she said.
The house has two living areas courtesy of a previous extension providing a fourth bedroom and living room behind a carport with direct internal access to the main home.
The position of the house leaves a substantial portion at the rear of the block with side access to Bruthen Rd for a second residence, subject to council approvals.
There was plenty of original features on show inside, such as the slate mantel surrounding the heater in the loungeroom and the original kitchen cabinets.
Cara Rd runs between Mt Pleasant Rd and Barwon Boulevard, opposite Barwon River parkland.
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