A grand old Newtown house on a huge block sold $305,000 above reserve as young families dug deep to secure the blue chip address.
The five-bedroom character home at 146 Skene Street was snapped up for $2.305 million as regional auctions resumed with a bang on Saturday.
Bidding for the 1405sq m property opened on a vendor bid of $1.7 million before three bidders eventually entered the race.
A locked down Melbourne family, unable to attend the auction in person, relied on a contact on the ground in Geelong to edge out another local family.
Buxton agent Ben Riddle confirmed the house was on the market at $2 million.
He said the big result was one of two $2 million-plus sales in Newtown on Saturday that showed the strength of Geelong’s premium market.
“Typically with a $2 million property it’s hard to get multiple bidders that are in position to be in the one place at the one time,” Mr Riddle said.
“Historically auctions don’t tend to perform that well at that level but we are looking at multiple bidders at two properties in Newtown that were super competitive.”
He said some feared developers would be attracted to Skene St but it was families who saw the greatest value in the large home and north-facing backyard.
The house retains period features, including timber fretwork, bay windows and original fireplaces, and has been extended over the years to create multiple living rooms and a modern kitchen/dining area.
“It was a real opportunity to live in and clean it up and eventually add to it, I think that has been the house’s journey — everyone has done something different to it,” Mr Riddle said.
He said while it wasn’t located in an ‘A1’ Newtown street, it was a rare offering in the suburbs’s sought-after college precinct.
The post Newtown house sells $305K over reserve to buyers in lockdown appeared first on realestate.com.au.