Real Estate

Buyer snaps up property still bearing scars from house fire

Written by The ReReport
As seen in the Source link, written by news.com.au on 2019-10-26 22:57:03

A Geelong family has welcomed some good news after selling their Hamlyn Heights home partially destroyed in a devastating fire.

The house at 3 Robb Ave still bears the scars from last July’s fire, which engulfed the kitchen and roof cavity, with extensive internal damage and a blue tarp protecting the open roof cavity from the weather.

A local buyer paid $420,000 for the 50-year-old home property, which Harcourts, North Geelong agent Jasmin Jurkovic said was about $20,000 above what the family was anticipating.

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A 98-year-old man was asleep in a back bedroom when Powercor workers Mitch Cuthill and Ben Neville noticed metre-high flames from the roof from about 200m away.

The man woke when the workers smashed a window in a successful rescue.

Ms Jurkovic said the condition of the house meant developers had shown most interest in the 650sq m property, but the buyer plans to renovate to create a new home.

Daniel Cvijanovic had offered $340,000 at the start of the auction, raising his bid to $385,000 after auctioneer Shane King had placed two vendor bids.

After negotiations between the vendors and two buyers on the street, Mr Cvijanovic raised his offer to $420,000.

“We’ll see what happens. We’ll do something with it,” he said later.

The sale price was between $80,000 and $120,000 less than similar houses had sold for in the suburb in the past 18 months.

Hamlyn Heights median house price is $530,000, according to CoreLogic.

Ms Jurkovic said engineers estimated essential repairs and renovations would cost about $150,000, but new owners would want to do further work anyway.

“You’re not going to arrange a new kitchen and not do the bathroom,” she said.

“You’re going to style it and it will look amazing, but you’re going to spend at least $150,000 on it.

“There’s obviously structural damage to the house because of the fire. Taking into consideration the work that’s needed and the money to be spent on that, we figure we got a very fair price for everybody,” she said.

“It was perfect scenario — there’s no building inspections, no finance clause, it’s a done deal.

“The owners were probably expecting around the $400,000 mark. They feel like they’ve got $20,000 more than they anticipated, so they’re extremely happy.”