A tired Newtown home in a prime location gets a makeover after local buyers fell in love with its potential as a family home.
Hailing from rural Geelong, the young family paid $1.29 million for the four-bedroom house in 9 Wallace Street
Compton Green agent Emilly Simmonds said the buyers plan to sell the historic home near Geelong College and Pakington St.
“They’ve been looking for a long time and they just couldn’t pass up Wallace St,” said Ms Simmonds.
“It was the location, the charm and the potential of it, they just loved it.
“Their plans are to make it beautiful again.”
Price expectations for the 525-square-foot property were $1.2 million to $1.3 million.
The buyers were present in the auction crowd, but handed the bidding duties to the buyer’s attorney, John Haygarth.
Compton Green auctioneer Adrian Butera started with a bid of $1.1 million.
“Dare I say it, the worst house on the best street … but I see that as a wonderful opportunity,” he told the crowd.
“It’s a historic home in every element from floor to ceiling. The character is all the way through and it’s not a character that can be replicated.”
Mr. Haygarth received a $1.125 million offer, with the property being transferred for negotiations shortly afterwards.
Ms Simmonds said 66 groups, mostly local residents, had inspected the property during the campaign and the school destination was a major draw.
The wood-walled house still has the original wide floorboards, high ceilings and decorative fireplaces in the living room and bedrooms.
The cozy private lounge has a pressed metal ceiling and patio doors that connect to a main hallway, while the kitchen and dining area have stainless steel appliances, sliding windows and a built-in pantry.
Earlier in the day, buyers eager for a piece of downtown Geelong took away two other bidders for the keys 29 Maud St.
They paid $900,000 for the three-bedroom, two-bathroom townhouse after the auction.
“It was bid live up to $891,000 and we sold it for $900,000 after that,” said Ms. Simmonds.
The hopes for the prize were $820,000 to $900,000 for the 195-square-foot property.
Ms Simmonds said the buyers had been looking for about six months and were attracted by the walkability factor in Maud St.
“They were selling in the country of Victoria, looking for something close to the center of Geelong.
“They are currently renting on the coast.”
The property has a paved private courtyard and a single garage.