Rundown Norlane corner block sells more than $60K below guide as buyers seek bargains

The original, two-bedroom weatherboard house is a real fixer-upper, and the 497sq m corner block presented a development opportunity in a suburb where there’s demand for more affordable housing.But buyers still wanted more as the property sold for more than $60,000 below the bottom of its price guide.Four bidders intended to bid for the property at 58 Forster St, Norlane, said Harcourts North Geelong listing agent Eric Ly.58 Forster St, Norlane, attracted interest from four potential buyers.But after the bidding got off to a flyer, Mr Ly said two potential bidders put their hands back in their pockets.RELATED: New Vic Premier Ben Carroll’s housing warningPost-war home’s unpretentious reno play pays offHidden luxury inside classic Californian bungalow Listed with price hopes of $399,000-$435,000, the property ultimately was snapped up for $336,000.Mr Ly said the buyers were most keen to secure the property at a bargain price, giving them a head start in adding value, and were balancing the estimated $35,000 cost to demolish the house and clear the block, against the price of an already vacant block in the suburb.It’s still undecided whether the house will be renovated or demolished,...