The five-bedroom house at 18 Newhaven Ave, St Albans Park, has sold for $890,000.
A $100,000 spike in the median price of houses selling in St Albans Park is a sign that rising interest in the eastern Geelong suburb is turning into a windfall for sellers.
Proof of the suburb’s rise in how much buyers are prepared to pay for a home is the number of residential sales now occurring around the $900,000 mark.
The latest is a five-bedroom Newhaven Ave residence snapped up for $890,000 after just 11 days on the market.
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Hayeswinckle, East Geelong agent Tiffany Simpson puts down the result in part to recent momentum in higher-end sales in the suburb, where the median house price is now $690,000.
That makes St Albans Park the clear second-most expensive market in the 3219 postcode behind East Geelong.
Ms Simpson said recent sales above $900,000 for homes on residential blocks gave confidence to list the 767sq m property with an $849,000 to $929,000 range.
“I’ve had three sales now – two in Taras Court, numbers seven and eight that sold for $900,000 and $935,000,” Ms Simpson said.
The kitchen serves as the heart of the home.
Three separate living spaces includes the main room with a bay window overlooking the front garden.
“I knew that I had interested parties – we opened it for a week and I think I had seven buyer groups through, and the people that purchased were actually from regional Victoria, moving to Geelong for a lifestyle change and new employment.”
The big home offers four bedrooms, plus a study capable of hosting a fifth bed, plus multiple living areas.
“It’s a big home and offers multiple living spaces, so was ideal for a growing family,” Ms Simpson said.
“And what it came down to, with regards to a property like that, is what’s available at that price level, where other similar properties in other suburbs were obviously probably higher.
“Plus stamp duty, it’s really pushing you to $1m-plus,” Ms Simpson said.
Stacking doors connect two living spaces to a covered outdoor area.
The study can be converted into the fifth bedroom.
A substantial outdoor area created the setting for year-round entertaining in the backyard.
Ms Simpson said the relative value for money drew buyers who weren’t in the market for a specific suburb.
“St Albans Park still has access to the CBD, still has access to either the Bellarine or Portarlington highways, to go back the other way to the Bellarine Peninsula, so for people from out of town, it is still considered a desirable location for many,” she said.
PropTrack data shows the median house price in St Albans Park had climbed 17 per cent in 12 months as 86 houses changed hands.
The suburb has become a target for investors, particularly from interstate as a growing proportion of sales are conducted off market.
While the number of investors interested wanes as the asking price rises, buyers were still doing their sums.
“From an investor point of view, it comes down to longevity, how long they intend on holding it for,” Ms Simpson said.
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