A four-bedroom house located at 5 Logan St in Hamlyn Heights has been sold for $765,000 before its scheduled auction. The prohibitive cost of knockdown rebuild developments has opened opportunities for renovators to revive properties in the area. First-home buyers seized the opportunity to purchase the property on a 711sq m block, and their early offer triggered a bidding war that ultimately pushed the price to $765,000.

The house required some work, and the large block was also marketed as a potential development site. However, the current owners, who had plans to build side-by-side townhouses, decided to sell due to the high building costs. Both bidders were interested in doing a renovation rather than developing the property, and despite interest from developers, the project did not financially stack up for them.

PropTrack data indicates that the median house price in Hamlyn Heights is currently $715,250, down 7.7% from the same time last year.

Sources:

1. Bayside beauty beats price hopes by $300k

2. Secluded country retreat selling with day spa

3. Home to Geelong West End bar for sale