Rare Newtown brick home beats hopes by $110K

The triple-fronted 365 Shannon Ave, Newtown, sold for $1.23m.

A rare triple-pointed brick character house in blue chip Newtown that attracted crowds of buyers from Melbourne and beyond has sold for more than $100,000 above its price expectations.

The three-bedroom period home at 365 Shannon Ave was snapped up for $1.23m at Saturday’s auction after three bidders contested the 697sq m property.

McGrath, Newtown agent Georgie Shaw said two bidders competed for the home down to the wire, with an expat family planning to return to Geelong securing the keys to the Edwardian era house.

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The property had been listed with a $1m to $1.1m price range.

The character-filled house blends Edwardian charm and comfort in a renovation completed since the property last sold for $797,000 in 2018.

That project remodelled the rear living area, where the open-plan kitchen and dining zone offers a butler’s pantry and flows onto an expansive deck.

The main lounge has an open fireplace and ornate period detailed ceiling, with the high ceilings, a wide entrance hall and leadlight details among the character features on show.

“A lot of the interest was from Melbourne buyers – inner Melbourne suburbs such as Elsternwick, Albert Park and Middle Park that are dying for that type of beautiful brick period home,” Ms Shaw said.

“And we just don’t have many of them in Geelong, so obviously supply is low and demand was huge there.

“The facade was just so pretty and inside was just charming. It has pressed metal ceilings, original features, it had been really beautifully restored and renovated but still in keeping with the feel of the home.”

Ms Shaw said the property attracted about 50 groups during the campaign, with 16 to 18 groups at each inspection.

Even the main road position was not an issue for potential buyers, she said.

“Melbourne people are definitely not as deterred because they’re used to it,” Ms Shaw said.

“I’ve got buyers that, for example, were living on Orrong Rd in Caulfield South, another group of buyers that came through were renting at High St, Armadale.

“Given inner-city Melbourne is so busy and the traffic flows 24/7, it’s worse than Shannon Ave.

“And of an evening the traffic dies as there’s no restaurants along there, no cafes so it’s really only busy in certain times.”

Ms Shaw said the double-brick construction, along with double glazing offered a surprising calm interior for buyers.

“That surprised a lot of people when once they stepped inside the house and closed the front door.

“They realised how solid it was and that all of the living areas were at the rear, with the double-front of the house being double-glazed, they saw even more value.”

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