A $1.4m surprise for seller

Couple coming home

THE auction of a sprawling Newtown property surprised the vendor and agent when bidding reached more than $100,000 over reserve.

A Melbourne couple, originally from Geelong, snapped up 22 Upper Skene St for $1.4 million after outbidding about four other parties.

Whitford, Newtown, agent Heidi Trempel said to have five bidders on a property of that level was excellent.

“We were not expecting that result and neither were the vendors,” Ms Trempel said.

“The buyers are a young couple living in Melbourne and coming home to Geelong, they have a couple of kids, too.”

The buyers said they were going to move into the property and use it as a family home.

“We had been looking on and off for a few months and really liked the size of this one,” they said.

Whitford, auctioneer Dale Whitford said the reserve price was almost $1.3 million.

“We knew we had interested parties but we didn’t think for a minute we would sell at that number, it is nice to get a pleasant surprise,” Mr Whitford said.

“The more areas like Geelong West and Belmont increase in value it pushes Newtown all the more . . . it is good for the town, it is growing confidence in where we live.”

The 1074sq m property on two titles features an immaculately maintained house filled with a blend of original and modern features.

It is the most expensive sale in Upper Skene St, according to CoreLogic. No.34 Upper Skene St had held the title since February last year when it sold for $1.2 million.

The median house price in Newtown is $720,000, up 10.2 per cent in the past year, according to CoreLogic.