A three-bedroom home at 15 Noone St, Clifton Hill, was acquired by the State Government for the East West Link in 2015 and is now on the market.
A PROPERTY acquired by the State Government for the scrapped East West Link project failed to get any traction at auction.
The three-bedroom Edwardian terrace at 15 Noone St, Clifton Hill, didn’t reach its $955,000 reserve and passed in on a $900,000 vendor bid.
CoreLogic data shows the property was purchased for $900,000 in 2015 under the Napthine Government’s controversial tollway plans.
It is now on the market as a private sale with a $955,000 price tag.
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Nelson Alexander auctioneer Luke Chisholm was unable to get any bids out of the crowd of about 30 onlookers.
The property is on the market for $955,000 after an unsuccessful auction.
The home was listed for auction at a lower than market-value price when the tunnel project was dumped, according to Nelson Alexander Fitzroy agent Peter Stephens.
Despite its reasonable price tag and a crowd of about 30, a sale was unable to be sealed at auction.
“Generally price points are a little bit lower for homes which were acquired for the East West Link,” Mr Stephens said.
“It’s hard to find a terrace like this for under $1 million in Clifton Hill.”
The suburb’s median house price sits at almost $1.36 million, according to CoreLogic data.
It has been tenanted for the past three years, returning $625 per week.
An eventual sale will take the government’s windfall from selling former East West Link-acquired properties in Clifton Hill to more than $13 million this year.
The property has been tenanted for the past three years, at a rate of $625 per week, and is one of many homes the State Government is now offloading.
“In the last couple of years we’ve had about 17 house sales in the Clifton Hill area for the government,” Mr Stephens said.
“They were all within the distance of where the East West tunnel would have been.”
An eventual sale of 15 Noone St will take the government’s windfall from selling former East West Link-acquired homes in the Clifton Hill area this year to more than $13 million, according to the Department of Treasury and Finance website.
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