Lovely Banks lifestyle home site beats price hopes by $470K

The auction at 80 Idris Court, Lovely Banks, drew a huge crowd.

The absolutely scarcity of available land in a lifestyle zone to Geelong’s northwest has been underscored with a massive auction price at the weekend.

The vacant 9388sq m property overlooking Cowies Creek sold for $1.17 million on Saturday, beating price hopes by $470,000.

Under competition was almost 1 hectare of rural residential land at 80 Idris Ave, Lovely Banks, with a defined building envelope for buyers to build their dream home.

80 Idris Ave, Lovely Banks, sold for $1.17 million.

 

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The only improvements to the property included a gravel driveway to a Colorbond shed with a rear veranda overlooking the decline down to the creek and the Geelong-Ballarat railway line.

A veranda on the deck attached to the shed provided a sheltered spot to enjoy the view.

Harcourts, North Geelong auctioneer Shane King said the sellers still string an extension lead from the neighbours for power, and shared sheep with another to keep the grass down.

A passing train carrying grain to the port was the only break in the otherwise serene property that drew a massive crowd to witness the auction.

Bidding opened at $720,000, rising in $20,000 increments until reaching $1.12 million.

The auction at 80 Idris Court, Lovely Banks, drew a huge crowd.

Four hopeful buyers contested the auction, through two took the contest to its conclusion.

Harcourts, North Geelong agent Joe Grgic said price hopes were from $700,000 to $770,000.

He said the sale underscored the scarcity of land to build a lifestyle home in the area.

“We could see there was going to be people here. There hasn’t been anything sold,” he said.

“Two weeks ago a house down the road, the same size block but with a house on it sold for $1.079m.

The property sits within a rural residential part of Lovely Banks but it minutes from the Geelong Ring Road and the city’s northwest suburbs.

“Having said that, there were people who had been through that and said we’d have to do all this work to it.

“It’s about lifestyle, rural living. This is outside (the suburban zone). The other side of the creek is under the council precinct area.

“It appears this will never be anything more than rural living. And we hope that one day that council allows one acre like Golden Plains. But at this stage this is what it is.”

The Geelong buyers are planning to build a new home.

80 Idris Ave, Lovely Banks, sold for $1.17 million.

“It will be more a matter of timing on when we do it,” he said.

“Whether we do it straight away or whether we leave it for a little while and make we’ve got our plans nicely sorted out.

“We have been dreaming of more space. It’s been a matter of where that space would be. We looked pretty seriously in Ceres as well.

“We’re a family of five, so we’ve got three kids. At the moment we’re on 320sq m so it’s going to be a bit of a change. Our eldest has been persistently asking me can we go to something bigger.”

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