The home at 115 Prospect Road proved to be quite the prospect at auction on Saturday.
About 70 onlookers watched as three bidders made a play for the 1914 Californian bungalow.
The property, set on a 756sq m allotment, was listed with price expectations of $1.55m.
In the end, it was a battle of the buyer’s agents, with Geelong’s Tony Slack trading a bunch of bidding blows with Melbourne’s Christa Batt.
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Ms Batt emerged the victor, winning the keys to the five-bedroom home with a $1.78m bid.
She said the buyers were from Victoria but currently living overseas.
“They’re going to restore the property back to its former glory,” Ms Batt said.
“We’re all very excited and happy with the purchase of a property in one of the best streets in Newtown.”
Buxton, Newtown auctioneer Tom Butters said the property’s reserve price was $1.5m.
He said the home had been held by the same family for more than 40 years.
“There were four in the crowd that didn’t even get a chance to put their hands up,” Mr Butters said.
“It’s an honour to represent homes like these.
“You only have to look at the houses around to understand the value in this street.”
The large family home has a study/office, two bathrooms, a sunroom and an upstairs retreat.
It offers rear lane access to the double garage and established gardens.
The location is walking distance to schools, Pakington Street and the Barwon River.