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Auctioneer Nathan Ashton calls for bids at 32 Bond St, Newtown.
Another renovation could be on the cards in a popular Newtown street after a Californian bungalow was snapped up after auction.
The three-bedroom house at 32 Bond St was passed in for $960,000 and later sold for $1m after one bidder raised a hand at Saturday’s auction.
It’s the second sale in Bond St in as many weeks after a renovated house across the road sold for $1.6m prior to auction.
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Gartland Geelong auctioneer Nathan Ashton said it was a good outcome for a property where most of people interested said they were looking to renovate or redevelop.
“I think the plan is to renovate,” he said.
“When a home gets to that age it’s unfortunate that you can’t save it by doing little bits and pieces.
32 Bond St, Newtown, sold after auction on October 22.
32 Bond St, Newtown, sold after auction on October 22.
“It either needs a full makeover or it needs to be bowled over and the buyers that were looking at it were exactly that.”
Mr Ashton said he believed $1m was on-par for value compared the property that previously sold up the street.
“The one over the road was on a much bigger block that went for $1.6m. We calculated that at about $2500/sq m for that, so $1m was probably an on-par value.
“Which then gives people confidence that they can do whatever they like.”
32 Bond St, Newtown, sold after auction on October 22.
32 Bond St, Newtown, sold after auction on October 22.
Mr Ashton said the home as geographically perfect.
“Once you get in there you don’t want to leave in a hurry as it’s such a good spot.
“We’re 280m up to Pakington St, 320m to Chilwell Primary School. Bond St Kindergarten is over the road. 400m to the Kardinia Park lifestyle and sporting precinct and less than a 10 minute walk to South Geelong train station.”
Mr Ashton said there had been interest from people looking to renovate, extend, knock it down and redevelop.”