FOMO drives highest bidder to purchase Newtown ‘hidden gem’

This Newtown house sold for $860,000 at auction on Saturday.

A buyer has avoided future FOMO after snapping up a Newtown property with plans to move in down the track.

The former Geelong resident outbid a young local family for the keys to the three-bedroom, two-bathroom house at 31 Read Street.

The man paid $860,000 for the 580sq m corner block directly opposite Elderslie Recreation Reserve.

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The formal loungeroom has character features.

The second living area has space for family.

Buxton agent Ben Riddle said the “hidden gem” presented a good opportunity for someone to come in at entry level for Newtown and put their own stamp on the weatherboard home.

“It was fought out between a fellow looking to relocate back to Geelong in a year or two but wanted to buy in now,” Mr Riddle said.

“He will rent it out for a while.”

The property is close to reserves and schools.

The timber kitchen.

He said the home had character appeal and was close to schools and the Minerva Road and Shannon Avenue shops.

The floorplan includes two living rooms, a neat timber kitchen, home office and a main bedroom with an ensuite bathroom and built-in wardrobe.

A double garage at the rear is accessed off a side street.

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