THE growth in Newcomb continues to skyrocket as a renovated two-bedroom house sells for more than $80,000 above expectations.
Three parties bid on 18 Charlotte Ave pushing the price above expectations of $420,000 to $460,000 to the eventual sale price of $543,000.
Barry Plant, Geelong agent Craig Casey said a local buyer secured the property.
MORE REAL ESTATE:
Mother/daughter duo join forces to buy Edwardian gem in Geelong
“They are looking to potentially develop it, it’s going to be up to the council but you could put a unit in the back or extend it,” Mr Casey said.
“This result goes to show how impressive Newcomb is in the market place at the moment.”
The 609sq m property is on a corner block and is zoned Residential Growth Zone Schedule 2.
The renovated house has two bedrooms, timber floorboards in the open-plan living area and it has been restumped and rewired.
Mr Casey said Newcomb was the hottest property market in Geelong right now.
“It’s certainly showing that with the prices in there reflecting that now,” he said.
Newcomb has had the biggest increase in capital growth in Geelong in the past year. The median house price has increased 31.3 per cent to $420,000, according to CoreLogic.
The house next door, 20 Charlotte Ave, also sold recently for $436,000. The house was on a similar size block to no. 18 but the house had not been renovated.