An old Belmont home described as ‘ripe for renovation’ recently attracted eight bidders at a lively auction that resulted in a surprising sale price.
The property at 34 Ross St, located next door to the Belmont 16ft Sailing Club, was snapped up by a young couple for $1.323 million.
Agent Malcolm Macleod from Marshalls Property Belmont said that he couldn’t reveal the auction reserve, however price expectations were around $1.1 – $1.15 million.
“The result surprised everyone. There was a lot of competition at the auction, with four of the eight bidding back and forth. Then it was down to two,” he said.
“The buyers haven’t decided what they will do with it yet.”
The dated 1950s home on a 476sqm block will certainly need a bit of work done.
With brown carpet and pink tiled bathroom, the ad listing calls it a “blank canvas in front of you that is ripe and ready for a new look”.
The two-storey home includes three bedrooms, plus a fourth that is currently being used as a study, a bathroom located on each level, and a sunroom with lake views.
In walking distance to the shops, this waterfront strip contains older-style houses, as well as renovated properties.
The former Lord Mayor of Newcastle and Property Developer Jeff McCloy and his wife Tracey have listed their Far North Queensland-inspired residence down the road 148 Ross Street.
The property is so unique that agent Joshua O’Doherty from LJ Hooker Belmont said that he was unable to indicate a price guide.
“The highest price we have seen in Belmont is $3.44 million, but the land was half the size of this and it wasn’t an absolute waterfront. There have also been knockdown’s on 1000sqm properties for $2.5 million,” he said.