This 4051sq m property at 15 Coulter St, Newcomb, sold after auction for $760,000.
A Newcomb acreage property surrounded by million-dollar addresses has sold for little more than Geelong’s median house price in sign buyers are wary of overextending themselves.
Bargain hunters had been circling the executor’s auction of the original three-bedroom house set on 4051sq m at 15 Coulter St.
But the $849,000 to $899,000 advertised price guide proved a stretch too far in the current market, with the buyer negotiating a $760,000 sale.
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The property includes multiple garages and a large shed.
The figure equates to about $187 per square metre, substantially less than the current $900-plus per square metre rate for new vacant land in Armstrong Creek.
Hayeswinckle agent Matthew Roberts said while two bidders raised a hand for the semirural listing, buyers were generally displaying caution in the wake of rising interest rates and proposed tax changes.
“Nobody likes to give their property away but it was a deceased estate executor’s auction as she had no surviving gamily and all the money was practically going to charity,” Mr Roberts said.
“The rates notice had around the $725,000 mark as the land value so it really only sold just slightly above land value.
“I know there has been some recent sales in the area of homes that were a lot more habitable, there was a $1.25m sale earlier this year.
The kitchen and meals area is in original condition.
The lounge offers garden views on two sides and a adjoining study space.
The property is one of only two to change hands in tightly held Coulter St over the past three years.
“We definitely had buyers there but most of them were seeing value around that $650,000 to $700,000 mark.”
The existing brick house was marketed as a blank canvas ripe for a renovation or knockdown rebuild project.
Mr Roberts said it had smoke and carpet damage but the buyer planned to “trick it up a little bit” for a family member to occupy.
The property’s low-density residential zoning precludes a further land carve up in the semirural setting bordering Moolap.
“There are some really nice lifestyle properties there and there’s been some really good sales in that street – there was another one for $1.75m,” he said.
“It is a bit of a novelty to have an acre block so close to town.”
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