Late offers fall short in blue chip streets in Newtown, Highton

Late offers fall short in blue chip streets in Newtown, Highton nmprofetimg 1558
Late offers fall short in blue chip streets in Newtown, Highton capi 5861e2cd73a8c25c4f61d5b888f38fc7 63bc23b69f9302da7b5d8cc30413179c

116 Prospect Rd, Newtown, was passed in at auction.

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?

Auctions, inspections get green light amid shutdown

Buyers want property in these Geelong streets

Since then, the owners have cleared the overgrown yard and repaired the fences and a gate to the rear laneway.

Auction at 116 Prospect Rd, Newtown  Late offers fall short in blue chip streets in Newtown, Highton capi 5861e2cd73a8c25c4f61d5b888f38fc7 ce509bcc5a10d783542ee67ce18ec43c

David Gray outside 116 Prospect Rd, Newtown.

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.

Auction at 116 Prospect Rd, Newtown  Late offers fall short in blue chip streets in Newtown, Highton capi 5861e2cd73a8c25c4f61d5b888f38fc7 5eb00c74c44625382d3cf3d3f665d989

A crowd of mostly neighbours watched the auction.

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.

Late offers fall short in blue chip streets in Newtown, Highton capi 5861e2cd73a8c25c4f61d5b888f38fc7 8129353d719764a74fb04df2a7ad1d73

3-5 Lichen Grove, Highton.

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.

Late offers fall short in blue chip streets in Newtown, Highton capi 5861e2cd73a8c25c4f61d5b888f38fc7 3b23e68eaf487260d878df425cae7edb

Dale Whitford calls for bidders on a five-bedroom house in Lichen Grove, Highton.

“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.

Late offers fall short in blue chip streets in Newtown, Highton capi 5861e2cd73a8c25c4f61d5b888f38fc7 e084ee7b010fca65193222a04a4d0d73

3-5 Lichen Grove, Highton.

“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.”