Jellis Craig Geelong auctioneer Marcus Falconer described 20 Lawton Ave, Geelong West, as “gem”.
A young tradie will put his carpentry skills to good use resurrecting a Victorian-era Geelong West home crying out for renovation.
The chippie and his partner became the latest to nab a rundown house in the neighbourhood after purchasing 20 Lawton Ave for $890,000 during post-auction negotiations on Saturday.
Buying at the bottom of the market saved the East Geelong couple a considerable sum as the three-bedroom house traded for $50,000 less than it sold for just nine months ago.
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The vendors, neighbours who purchased the 404sq m property as a potential project last July, appeared prepared to cut their losses after relisting it with a $850,000 to $925,000 price guide.
Jellis Craig Geelong agent Marcus Falconer said the “beautiful old girl” clearly needed a major overhaul but the reward was a position in what he described as Geelong West’s best street.
He said renovated homes in the vicinity could fetch anything between $1.8m and $2.5m, depending on their quality.
“They bought it basically just to get into that location and again he was a chippie by trade,” Mr Falconer said.
The double-fronted Victorian-era home sold for $890,000.
The high ceilings are decorative detail have been retained.
“It’s certainly crying out for a renovation but it definitely had great bones. All the traditional features are there, they just need to be beautified and re-engaged.”
He said the deep north-facing back yard with rear lane access provided great scope for a future extension.
“With the amazing access off Waratah St, you dogleg straight into the back of the block and the entrance is a 6m span so there’s plenty of access for a future triple garage with a loft if you wanted,” he said.
The north-facing back yard was a drawcard.
The rooms have been stripped back.
The bathroom is a pink affairs.
The house remains in similar condition to when it last sold in July after 65 years in the hands of one family.
It comprises four traditional front rooms in various states of disrepair, with a basic open-plan kitchen/meals area and bathroom at the rear.
The property sold $115,000 over expectation at the previous auction as two buyers battled for the keys.
This time around the East Geelong buyers were the only takers, earning the right to negotiate when the house was passed in on their initial $870,000 bid.
Their purchase comes two weeks after another chippie landed a hoarders house in Geelong West for $480,000.
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