Vacant Newtown house block sells nearly $80K over price hopes at auction
A NEWTOWN property has set a gold standard for value as the rectangular block of bare earth sparked a bidding war.
Three buyers contested the vacant house block at 14 Chester St, which achieved a dollar rate of more than $1220 per square metre by the end of the auction.
When it sold under the hammer, the property had defied expectations by almost $80,000.
Maxwell Collins, Geelong agent Tom Kelly said two main competitors were in the running for the property which sold for $736,000.
The block’s price was more expensive than some recent house sales in the neighbourhood, according to CoreLogic.
The price guide before auction was $640,000 to $660,000.
“It’s a blank canvas for the buyers. It’s in such a good spot, with a reserve close by and shops close by and good schools,” Mr Kelly said.
The property is walking distance to Elderslie Reserve and The Geelong College prep school, while the location also has easy access to the ring road.
A three-bedroom weatherboard house had previously occupied the block behind an overgrown front garden.
But as vacant land, the property is ripe for a dream home or a development.
The backyard has a northerly aspect and access to a rear lane.
Newtown’s median house price climbed 2 per cent in the past year to $801,750, according to CoreLogic data.