A tired Newtown home in a top location is set to receive a refresh after local buyers fell in love with its potential as a family home.
The young family, from rural Geelong, paid $1.29 million for the four-bedroom home at 9 Wallace St.
Compton Green agent Emilly Simmonds said the buyers plan to restore the period residence that’s set close to Geelong College and Pakington St.
“They’ve been looking for quite some time and they just could not pass up Wallace St,” Ms Simmonds said.
“It was location, charm and the potential of it, they just loved it.
“Their plans are to make it beautiful again.”
Price hopes for the 525sq m property had been $1.2 million to $1.3 million.
The buyers were in the auction crowd but handed bidding duties over to buyer’s advocate John Haygarth.
Compton Green auctioneer Adrian Butera kicked things off with a vendor bid of $1.1 million.
“Dare I say it, the worst house in the best street … but I see that as a wonderful opportunity,” he told the crowd.
“It’s a period home in every element, from floor-to-ceiling, the character is carried all the way through, and it’s not character that can be replicated.”
Mr Haygarth landed a bid of $1.125 million where the property was passed in shortly after for negotiations.
Ms Simmonds said 66 groups, mostly locals, had inspected the property during the campaign and that the school zoning was a big drawcard.
The weatherboard house still features its original wide floorboards, high ceilings, plus decorative fireplaces in the lounge room and bedrooms.
The cosy, private lounge features a pressed metal ceiling and French doors that connect to a central hallway, while the kitchen and dining area has stainless-steel appliances, sash windows and a built-in pantry.
Earlier in the day, buyers keen on a slice of central Geelong edged out two other bidders for the keys to 29 Maud St.
They paid $900,000 for the three-bedroom, two-bathroom townhouse after auction.
“There was live bidding up to $891,000 and we sold it afterwards for $900,000,” Ms Simmonds said.
Price hopes had been $820,000 to $900,000 for the 195sq m property.
Ms Simmonds said the buyers had been looking for about six months and were drawn to the walkability factor at Maud St.
“They sold in country Victoria, looking for something to be close to the centre of Geelong.
“They’re currently renting down on the coast.”
The property has a paved private courtyard and single garage.