A Newtown house that’s sat vacant and unrenovated since it last sold in 2017 will provide a test for the market after passing it at a weekend auction.
The three-bedroom Edwardian house is by far the worst house in one of Newtown’s best streets.
The auction drew a crowd of mainly neighbours to witness Saturday’s auction, where the bidding didn’t go beyond a $1.375 million vendor bid, which matched the price the property achieved in 2017.
MORE READING: What pandemic means for Geelong property?
Since then, the owners have cleared the overgrown yard and repaired the fences and a gate to the rear laneway.
The house itself, which is actually the main house and a rear bedsit, has remained untouched, yet the property was offered with a $1.45 million to $1.55 million price guide.
Buxton agent David Gray said a man in the crowd came forward with an offer after the auction.
“It’s not quite enough to buy it. We are still in discussions,” he said.
Mr Gray said renovating and extending the house could create a home worth between $2 million and $2.5 million.
“For every dollar you spend, you’ll get $3 to $5 back,” he said.
Meanwhile, a large mid-century house on a mammoth block in Highton is also still on the market after discussions with a potential buyer stalled after auction.
Whitford, Newtown agent Dale Whitford passed in the five-bedroom house at 3-5 Lichen Grove on a $1.25 million vendor bid.
Mr Whitford said a party that opened bidding at $950,000 made a $1.3 million offer on the property after the auction.
It’s since been listed for private sale with a $1.35 million to $1.45 million range.
“When you get a house like this on such a big block of land it’s such a unique opportunity,” Mr Whitford said.
“It’s a lovely brick veneer house 70s house, a family property with five bedrooms, all with built-in robes.
“It also a pool out the back which is gas heated and a big piece of land for footy or cricket. Plus you’ve got the big living space and the view including the Kardinia Park lights.”