Retirees pounce on Newcomb home sold $128k over reserve

Owners of a Newcomb home couldn’t have timed the market any better after seven people bidding at their weekend auction pushed the price $128,000 over their reserve.

The couple paid $435,000 for the three-bedroom house at 38 Charles St in 2020, but sold on Saturday for $718,000 amid a wave of interest rose in the more affordable price brackets across Geelong.

Hayeswinckle East Geelong agent Tiffany Simpson said a mix of buyers were among the seven to raise a hand for the 512sq m corner property.

“We had a mixture of young families, first-home buyers, investors and downsizers,” she said.

“It was a very broad mix, and even from interstate – one particular lady flew down from Brisbane for the day and she attended another auction that we also had, but flew back without purchasing.

“The eventual purchaser was a local retired couple who decided they wanted to purchase an investment property.”

Bidding started in the high $500,000s and soon eclipsed the $590,000 reserve.

Ms Simpson said the owners had done some cosmetic work to the residence, painting, carpets, kitchen and bathroom and appliances, but not structural work to the house.

The three-bedroom house at 38 Charles St, Newcomb, sold for $718,000 at auction.

The bathroom was one of the spaces updated by the owners.

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“It was a corner allotment, but there was really nothing to do from an expenditure point of view. And with Newcomb you get close to the CBD and close to East Geelong where we know it’s a higher price point,” Ms Simpson said.

“And Charles St is a lovely street, one of the more sought-after and the property did have some character to it – it was weatherboard, with high ceilings and north-facing so all the lifestyle aspects that contribute to that level of interest.”

PropTrack data shows Newcomb has experienced a swift turnaround in market sentiment, with the median house price rising 5.7 per cent in the past three months to be .6 per cent above the figure recorded at the same time last year.

The house has been sold to investors.

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Newcomb’s $565,000 median house price has barely moved in 12 months, rising just .6 per cent.

“I think the activity definitely has had a spike probably within the last six to eight weeks,” she said.

The level of stock across the region is down on what many agents would normally expect at this time of year, given the market was flat in the lead-up to spring, she said.

“I think the spring influx of property will probably be an autumn influx,” she said.