All the work is on front of a young buyer who emerged with the contracts for an original house on a huge block in inner east Newcomb.
The buyer won Saturday’s auction at 8 Charlotte Ave with a final $568,000 bid, edging out an out-of-town buyer for the house near Bellarine Village Shopping Centre.
Maxwell Collins, Geelong agent Duncan Skene had set a $400,000 to $440,000 range for the 878sq m property and had every indication from potential bidders that it was far value for the house, selling as a deceased estate.
But the opening bid at $440,000 showed two buyers had other ideas as they eventually pushed the price $128,000 above price expectations.
Mr Skene said the reserve price was in the middle of the quoted range.
The three-bedroom house at 8 Charlotte Ave, Newcomb, sold for $568,000 at auction.
The three-bedroom house at 8 Charlotte Ave, Newcomb, sold for $568,000 at auction.
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The low price range reflected the age and condition of the property as the low price range attracted plenty of interest from first-home buyers, developers and even some investors.
The 878sq m wedge-shaped block was the attraction for those considering the development option, which is a path many have already followed in the neighbourhood.
The house itself was an entry-level home where three bedrooms each had an outlook, along with the sunny loungeroom and a big kitchen complete with an original old-world stove.
The backyard offered plenty of space, along with shedding that could be accessed from a rear laneway at the back of the neighbouring shopping centre.
The house retains its mid century retro charm.
The kitchen has an original stove.
“I had really good numbers through the place but it was fairly dated as you can see and most of the buyers that were coming through were telling me between $400,000 and $440,000 was where they saw it,” Mr Skene said.
“The young fellow, I think he plans to do it up and live in it.”
It was the first time the home had been offered for sale since the original owners built it.
“It’s a great spot,” Mr Skene said. “And being a court you don’t get any through-traffic.
“The block size was pretty impressive, that created a lot of interest, and it potentially could have gone cheaply.”
Meanwhile family buyers missed out on a three-bedroom clinker brick house as the owners of a neighbouring development made move for the Geelong West property.
The three-bedroom house at 16 Clonard Ave, sold for $910,000, at auction.
The house sold to owner of a neighbouring property.
A Sydney bidder also missed out as the house one a 660sq m property at 16 Clonard Ave sold for $910,000.
That price was midway through the $890,000 to $930,000 price hopes for the clinker brick house on the big block.
Jellis Craig Geelong agent Malinda Leonard said the buyers would probably develop it down the track.
“It as a good-sized block and the house was okay, so he’s just going to rent it out,” Ms Leonard said.
Despite the large block in Geelong West, Ms Leonard said there was little interest from developers during the campaign.
“The opening bid was quite high, so two other of my bidders got knocked out straight away – and they were families.”
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