Hayeswinckle auctioneer Daniel Hayes calls for bids a 7 Talbot St, Newtown.

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A big crowd for a long weekend gathered but there was little action as a part-renovated home went to auction on the doorstep of The Geelong College.

Hayeswinckle Newtown agent Daniel Hayes did all the talking at Saturday’s auction explaining the unique opportunity available at 7 Talbot St.

“This is as blue chip as it gets for Newtown overlooking probably one of Australia’s best schools,” Mr Hayes said.

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“The home itself without stating the obvious, there’s three key components that need to be finished.

“Number one is the internal bathroom needs to be completed.

7 Talbot St, Newtown. The home is unfinished, with a bathroom to fit out and the facade of the original home and outdoor landscaping to do.

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“There’s a few doors and maybe some mirrors that completes the inside.

“It’s just the outside – so finishing off the Edwardian period home.

“I can just see some gorgeous ornamental pears, some landscaping and you’re going to have an absolutely stunning looking home.

Mr Hayes said it was a bespoke renovation.

7 Talbot St, Newtown. The home is unfinished, with a bathroom to fit out and the facade of the original home and outdoor landscaping to do.

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“You’ve got those gorgeous stunning Geelong reds (bricks). And even with the colours like the pinks in the red, they’ve all been positioned beautifully.

“The home itself is 36 squares of living and the most important part it’s got a massive 10-square garage.

“The concrete has been reinforced, so if you want to put in a hoist, it’s a dream garage.”

7 Talbot St, Newtown. The home is unfinished, with a bathroom to fit out and the facade of the original home and outdoor landscaping to do.

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The home has three large bedrooms, including the main with a walk-in wardrobe and ensuite that has been completed.

But all the action is likely to be in the new portion of the dwelling.

“You’ve got that state-of-the-art kitchen with all the stone benchtops, you’ve got hydronic underfloor heating in the concrete,” Mr Hayes said.

7 Talbot St, Newtown. The home is unfinished, with a bathroom to fit out and the facade of the original home and outdoor landscaping to do.

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“You’ve got central heating and refrigerated cooling throughout.”

The indicative selling price is listed between $2.2m and $2.4m for the home, but most wanted to know what it would take to finish it all.

“There’s been lots of speculation,” Mr Hayes said.

7 Talbot St, Newtown. The home is unfinished, with a bathroom to fit out and the facade of the original home and outdoor landscaping to do.

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“I’ve heard everything from $50,000 to $1m to finish it off. It just gets ridiculous, but it’s probably between $100,000 and $200,000 to finish it off.

“And you’ve got a brand new home in the heart of Newtown. True blue-chip, Newtown surrounded by homes worth in excess of $3 million and the reserve is nothing like that.”