Retirees pounce on Newcomb home that sold $128,000 over reserve – realestate.com.au

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

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

Hayeswinckle East Geelong agent Tiffany Simpson said a mix of buyers were among the seven who put their hands up for the 512 square meter corner property.

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“We had a mix 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 from Brisbane for the day to another auction we had as well, but flew back without buying anything.

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

Bidding started at a high of $500,000 and quickly eclipsed the reserve of $590,000.

Mrs Simpson said the owners had done some cosmetic work to the property, painting, carpets, kitchen and bathroom work and appliances, but no structural work to the house.

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

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

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“It was a corner allocation but from an expenditure point of view there was really nothing to do. 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 most desirable, and the property did have some character – it was timber-framed, with high ceilings and north-facing, so all the lifestyle aspects that add to that level of interest.”

PropTrack data shows that Newcomb has experienced a rapid turnaround in market sentiment, with the average home price increasing 5.7 percent over the past three months, which is 0.6 percent higher than the rate recorded during the same period last year.

The house has been sold to investors.

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The $565,000 median home price in Newcomb has barely changed in 12 months, rising just 0.6 percent.

“I think activity has definitely spiked in the last six to eight weeks,” she said.

Inventory levels across the region are lower than what many agents would normally expect at this time of year as the market was flat heading into spring, she said.

“I think the influx of real estate in the spring will probably be an influx in the fall,” she said.