32 Lelean St, Ocean Grove sold after auction.
A CHARMING 1950s weatherboard house built almost entirely of timber in Ocean Grove has been snapped up after auction.
The house at 32 Lelean St passed in at auction to the highest bidder who then negotiated and secured the property for $880,000.
RT Edgar, Ocean Grove agent Aaron Jones said there were a few bids during the auction but it passed in and sold to a local developer.
MORE REAL ESTATE:
Competition for large block helps smash auction reserve
Putting hand up auction pays off in high-end sale
Olympic Estate location draws out winning pre-auction offer
The buyers loved the feel of the home.
The house is on 858sq m of land.
“They loved the feel of the home, I think they will hold onto it for a while and land bank it essentially,” Mr Jones said.
“We had about 50 groups through the property during the campaign and multiple offers prior to auction.”
The appealing three-bedroom house is on 858sq m of land in a sought after old Ocean Grove location walking distance to the shops and beach.
The property has a lot of potential.
There is no concrete, brick or reinforced steel to deal with as the house is almost entirely built of timber with Victorian ash floorboards under the carpet and sash windows.
There is an opportunity to preserve, upgrade and honour the era but there is also development potential.
The median house price in Ocean Grove has increased 15.1 per cent in the past year to $685,000, according to CoreLogic.