First-time buying frenzy for mid-century Hamlyn Heights home

An unrenovated mid century house in Hamlyn Heights has sparked a buying frenzy to be snapped up in its first week on the market.

The three-bedroom house at 13 Hamlyn Ave was sold after the first open-home as Maxwell Collins agent Lois Wilson fielded multiple offers on the 645sq m property.

Ms Wilson said the majority of interest in the house came from first-time buyers looking for a sound property where they could add value by renovating.

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The house presents as a mid century time capsule ready for new owners, complete with built-in timber features and original wallpaper.

“It was largely a blank canvas – it was a good, sound house and they loved the mid century modern features, the high ceilings and wide cornices and hardwood floors.”

The property was listed with $645,000 to $685,000 price hopes, but sold for an undisclosed price above $700,000, Ms Wilson said.

“We received multiple offers which took it to the point of tipping into the low $700,000s,” she said.

“But I guess it’s not surprising now that the median price for Hamlyn Heights is now $725,000.

“It was hotly contested and we ended up with an unconditional offer but we’ve got heaps of buyers looking for the Hamlyn Heights and Herne Hill area.”

A Ballarat couple had held the property as an investment for 22 years.

Ms Wilson said the latest cut to interest rates had increased competition for homes, driven by owner-occupiers but there are some investors coming in because of how the suburb is performing.

“But the majority are first-time buyers and they’ll nearly pay as much for an unrenovated home than a partially renovated one where they’ll have to undo it.

“They are valuing the area, which has always been a good family area. The ring road is still a big driving force because it’s ideal for commuters.”

Ms Wilson said the 645sq m block size was unheard of in new estates, and the location was “five minutes from everything”.

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