A three-way contest for a renovated Newcomb home underlined the suburb’s incredible value for properties within five minutes of Geelong’s waterfront.
The three-bedroom house at 8 Andrew St was snapped up for $568,000 at Saturday’s auction, just $2000 shy of the 541sq m property’s quoted range.
Gartland, Geelong agent Lisa Emanuel said three bidders participated in the auction after the property had been listed with $520,000 to $570,000 price hopes.
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The three-bedroom house at 8 Andrew St, Newcomb, sold for $568,000 at auction.
The fire engine red cooker is a centrepiece of the updated kitchen.
A young couple had secured the keys to their first home, Ms Emanuel said.
She said the original floorboards had been professionally sanded and polished and the walls and ceilings were repainted before the house was presented for sale.
But improvements the vendors had done in over 20 years at Andrew St included updating the kitchen and bathroom, replacing the roof and adding a huge covered deck at the back of the house, were an incentive for buyers.
“It’s got split-systems in every bedroom, an open fireplace and a beautiful big deck. It’s got secure yard as there’s a fence up the front,” she said.
The large rear veranda expands entertainment space outdoors.
The covered outdoor entertainment area opens the door to large family Christmases, while the modern-day take on a retro galley kitchen was also among the highlights of the refreshed interior.
The timber floors and a neutral colour palette create a timeless feel on entry, while the fire engine red, De’Longhi oven and six-burner cooktop is the standout feature of the renovated kitchen, which is also fitted with a farmhouse sink and servery.
“Newcomb is obviously quite an interesting suburb because it’s only five minutes from the waterfront,” Ms Emanuel said.
An open fireplace is at the centre of the open living zone, which also boasts a servery window from the kitchen.
“Because it was weatherboard, it did draw more interest from owner-occupiers and local investors, whereas had it been brick it would probably have drawn a lot more interstate investors.
“People that came through said they were looking at Hamlyn Heights, Geelong West, Newcomb. I feel like people still want to be close to town.”
Newcomb’s median house price sits at $567,500, just 1.3 per cent below the figure recorded 12 months ago.
Ms Emanuel said the value of a renovated home cannot be underestimated in an environment where so many young buyers are trying to break in to the market.
The bathroom has also been updated.
She said in comparison, a three-bedroom weatherboard house sold for $480,000 around the corner in Wilsons Rd in July.
“Now ours got $90,000 more than that. Yes, it’s got a nice pergola and a kitchen renovation, but it wouldn’t cost $90,000 to upgrade that one to the standard of ours,” she said.
“Having those things – especially the bathroom and the kitchen had been updated – means it’s going to appeal to people who can move straight in.
“In that spot, it’s definitely worth doing renovations because it just seems to be earmarked by a lot of people as such a good place to buy because it’s right next to East Geelong.
“I don’t think you’d overcapitalise by renovating.”
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