The two-bedroom house at 5 Finch St, Norlane, sold for $367,000. It's on a 557sqm block.
Buyers agents after a bargain on behalf of interstate purchasers were on it force across Norlane as five ex-public housing properties were snapped up at auctions.
The properties netted nearly $1.7m in total for the state government public housing authority Homes Victoria as individual buyers secured the rundown original 1950s commission homes in Geelong’s northern suburbs.
Hayden Geelong agent Glenn Hardman, who handled the campaigns to sell the properties, said the homes would likely return to the private rental market after buyers completed renovations.
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The four-bedroom house at 10 Falcon St, Norlane, sold for $367,000.
The combined auction results netted a premium of almost $150,000 for Homes Victoria as bidding from multiple parties pushed prices well above expectations in some cases.
The best result was $401,000 for a 715sq m property at 19 Brooks St, Norlane – $51,000 above the $320,000 to $352,000 price expectations.
The other sales were at 22 Swallow Crescent ($310,000); 5 Finch St ($367,000); 5 Falcon St, ($367,000) and 10 Falcon St ($334,000).
All the sales were well below the $453,000 median house price in Norlane, according to PropTrack data.
“There was strong interest from buyers, or buyers agents from Sydney for the auctions,” Mr Hardman said.
“Every one of those that we just sold are planning on renovations.
“People are perceiving value there to do what they are planning ongoing. My understanding is they’re going to be renting them out, so they are investment properties.”
The two-bedroom house at 22 Swallow Crescent, Norlane, sold for $310,000. It’s on a 692sq m block.
Inside the house at 5 Finch St, Norlane, show’s there’s a lot of work to do.
The two-bedroom house at 5 Finch St, Norlane, sold for $367,000.
Six more properties in Corio and North Geelong go to auction this weekend.
Mr Hardman had previous said some of the properties were candidates for multi-unit sites.
The 11 properties across Norlane, Corio and North Geelong, including two vacant blocks, were put up for sale with windows boarded up on most of the houses.
Mr Hardman had put a blanket warning on the properties listed for sale that people inspecting should wear boots and bring a proper torch.
Photographs showed filthy carpets, stained walls and ceilings and kitchens and bathrooms that have been destroyed in some of the homes, which date back to the 1950s.
Mr Hardman said he had seen syringes at some of the properties.
Homes Victoria earlier confirmed the houses were built between 68 and 73 years ago, were in a poor condition and weren’t accessible nor met the needs of renters today.
The sales were part of an ongoing program to refresh and renew the social housing portfolio to ensure it continues to meet the needs of renters and community.
“Every dollar that comes from this sale will be reinvested into improving and renewing social housing,” a Homes Victoria spokesman said.
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