Buyers wait over a year for Highton home with plans to renovate or rebuild
A DECISION by Highton sellers to hold out for more money has paid off after a sale was wrapped up more than a year after their property first hit the market.
The sellers of the three-bedroom house at 5 Taylor Court turned down offers between $790,000 and $820,000 when the property was auctioned last June, Gartland Property agent Nathan Ashton said.
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But with tenants in the home effectively paying for the property’s holding costs, the owner could choose to sit back and wait for better offers.
The property went under contract last month, he said. It sold for $835,000.
“It’s all done, unconditionally signed, sealed and delivered. Finally,” Mr Ashton said.
The buyers are going to reinvigorate the house or rebuild, he said.
“Ironically these guys saw it fairly early on but a few things had to fall into place for it to happen. It was just one of those things that was meant to be,” Mr Ashton said.
“They will try and work with what’s there is what I understand. They’re buying to ultimately live there. To what extent they beautify the property, or rebuild or develop the property I’m not privy to, and I don’t think they’re 100 per cent sure either.”
Mr Ashton said it was a fair price for the 790sq m block.
“When we took it to auction we had offers around $790,000 to $820,000 and the vendor always had higher expectations than that,” he said.
“He was in one of those fortunate positions where he didn’t have to sell, he wanted to sell. It was rented, the rent was covering his costs so it was okay.”
Mr Ashton said the property was located in what he thought was the best part of Highton, directly behind the village shopping centre.
“There is only a few houses in that street. Over the next 10 years I think there will be some major development around the Highton village.”
Mr Ashton said he tipped future development of the Woolworths supermarket complex after it sold for $12 million in 2017, while City of Greater Geelong has also revealed plans for the proposed redevelopment of the Belle Vue Arcade precinct.
“There is great long term growth prospects there.
The sale is a prelude to another auction in Taylor Court next weekend.
This 2292sq m block at 4 Taylor Court holds a four-bedroom mid-century house, though developers are eyeing the potential to build perhaps six to eight apartments on a majority of the site, which carries a Residential Growth zoning that encouraged medium density housing.
Barry Plant, Highton auctioneer Kieron Hunter is marketing that property with a price guide around $1.5 million.