Paynesville leads Victorian Easter weekend coastal auctions with eight sales
Eight vacant waterfront building blocks at Paynesville were sold at weekend mortgagee auction.
Under instructions from Gippsland Secured Investments Ltd, the Driftwood Close properties (pictured above) sold through John Castran at John H Castran. Three sold at undisclosed pre-auction prices, with the five under the hammer selling for between $230,000 and $308,000.
There was an earlier mortgagee auction in January in the holiday town which attracted strong interest from Melbourne buyers which was tipped to spark a local building boom.
The holdings, about three hours drive from Melbourne, were part of Riviera Properties, which was placed in voluntary administration in September last year after principal lender Gippsland Secured Investments collapsed.
GSI had about $150 million under management and 3,500 investors, many of them from the eastern Victorian locality.
There was a $517,500 sale at Rye when 57 Bimbiang Crescent sold through Craig Evans at Hockingstuart Blairgowrie. It previously traded at $580,000 in 2010 with the property recently been connected to the sewerage system.
Set a short walk to the Tyrone foreshore safe sandy beach, the elevated three bedroom, two storey beach house was on a 1,169 square metre block.
There was a $1.32 million sale at Mount Martha of a contemporary home (pictured below) through McEwing Partners.
At Ocean Grove a three bedroom house on an 816 square metre Epworth Street block fetched $515,000 through RT Edgar. It had last sold about three decades ago for around $40,000.
There was a $3.5 million vendor bid when the landmark Point Lonsdale cottage, Samarai went to weekend Easter auction.
The Ramsay family's Edwardian home (pictured below) is set on 1,100 square metres, last sold in the mid-1980s when bought from the Wortley's for around $240,000.
It's been offered through Damian Cayzer at Kerleys Coastal Real Estate who expected $3.5 million plus for the 149 Point Lonsdale Road offering with easterly view.
The 60 Frimmell Way, Portsea offering - marketed as an affordable charming cottage style offering through Little Residential - was passed in at $725,000.
Looking like a mountain hut, 31 Seaview Street, Blairgowrie (pictured below) fetched $502,500 through Hockingstuart Blairgowrie agent Michael Christodoulou. The four-bedroom timber home is spread over three levels on its 766 square metre block.
Sales were not just on the coast.
At Dinner Plains in the mountains, the mortgagee auction of a three level three bedroom two bathroom townhouse (pictured below) secured $231,500.
