Buyers jump at chance for entry-level home in blue chip Newtown neighbourhood

Buyers jump at chance for entry-level home in blue chip Newtown neighbourhood

TO A price sensitive market, an entry-level three-bedroom character home between Pakington St and Kardinia Park was always going to draw a crowd of buyers.

The lifestyle opportunity alone had buyers poring over the Victorian era weatherboard house at 63 Saffron St, Newtown, ahead of Saturday’s auction.

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Three bidders raised a hand from the large crowd as the property sold for $650,000 to a young family who said they were looking forward to calling Newtown home.

Originally from Geelong, they were returning to the city from Melbourne.

Buxton, Newtown agent David Gray said the property, which was listed with a price guide from $579,000 to $619,000, had got first-home buyers excited.

“It was a really good result. I was surprised in a little way (at the final price) — We knew we had the competition but it’s always nice to see in what’s been a pretty challenging market a competitive auction,” Mr Gray said.

Bidding opened at $550,000, with the eventual buyer entering the race at $610,000.

“We really made it a competitive price,” he said. “I mean, it’s a pretty price sensitive market at the moment, so I think it’s a great opportunity to enter what we call that blue chip Newtown at a really good entry level.

“Location and lifestyle was a big driving factor in this campaign.”

Newtown’s median house price is $800,000.

The cute double fronted house was built on a 225sq m block with rear lane access less than 200m from the Newtown shopping village on Pakington St and Chilwell Primary School.

The property last sold for $399,000 in 2013.

While painting updated the interior otherwise unrenovated, rear landscaping created a formal space for outdoor entertainment, with a raised lawn offering the potential of off-street parking through an electric gate opening from a rear lane.

“I think people buy with the confidence there that in years to come they’ll have a property worth a pretty healthy dollar and the house inside had the character and everything that’s familiar in Newtown.”

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