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Auction: 3 Purrumbete Ave, Manifold Heights sold for $920,000 under the hammer.
Two builders went toe to toe for an original house in a street where the most expensive properties sell for more than $3m.
The resolve between the bidders knocked out any other potential competition for the three-bedroom character home, and added $45,000 above price expectations for the property at 3 Purrumbete Ave, Manifold Heights.
Buxton Newtown agent Tom Butters had listed the property with price guidance of $799,000 to $875,000.
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The home is brimming with original character features, such as high ceilings and picture rails.
The property offers a big opportunity to add value, considered the most expensive homes to sell in Purrumbete Ave have been for more than $3m, including a five-bedroom house that sold in May.
But a project is likely to achieve a potential $2m-plus value, given the land size.
“The big ones are on circa-1000sq m, this one was on 688sq m.” Mr Butters said.
“The home was a bit compromised in that it needed a bit of work. We were very, very happy with that (result).”
Mr Butters said two bidders had put their hands up at Saturday’s auction.
“It was pretty ferocious back and forth,” he said.
Leadlight windows are another character trait on offer.
The 688sq m property offers room to expand.
“It was a slow start at $750,000 and then progressed pretty quickly.
“Both were builders who could see past the work that needed to be done and wanted to make the most of the position.”
Manifold Heights’ $1.175m median house price is Geelong’s most expensive, according to PropTrack data, with the inner west location and spacious blocks attractive to professionals and families keen on the nearby schools.
“For a lot of the market, something in Manifold Heights is more appealing to families than Newtown,” Mr Butters said.
The five-bedroom house at 4 Purrumbete Ave, Manifold Heights, sold for $3.15m in May.
12 Narmbool St, Manifold Heights, sold to a family for about $2m.
“It’s had huge growth and huge interest. We had over 100 people through the campaign.
“There may have been one or two other (potential) bidders who didn’t get a chance to put their hand up because it went pretty quickly.”
A circa-$2m sale in nearby Narmbool St reported last week was the latest in a string of top sales as the renovated and extended five-bedroom house sold to a family.
The residence, designed by DBL and built by Archibald Builders with substantial involvement from the vendors, covers a significant portion of the 697sq m block.
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