Real Estate

how east geelongaes sister suburbs are paying off for homebuyers

Written by The ReReport

16 Hitchcock St, Breakwater, sold for $376,000.

A BREAKWATER auction has demonstrated how moving to a sister suburb can save you money.
The original three-bedroom ex-commission house sold at auction on Saturday for $376,000.
McGrath, Geelong agent Ricky Forte said three bidders contested the brick veneer house on a 557sq m block.


Historic brick house in Ocean Grove sells after three year campaign

Young buyers hot for renovated Newtown unit push price over reserve

Big Rippleside house sets street record as downsizers swoop

The big living room.

And original kitchen.

But the sale at 16 Hitchcock St also underlined the strong capital growth in the suburb that’s wedged between East Geelong and the Barwon River.
A similar house down the street sold for $271,000 in October 2016, showing $100,000 worth of growth in the area in two years.
“That pocket of Breakwater is really good value,” he said.

16 Hitchcock St, Breakwater, sold for $376,000.

“If you picked that up and put it in Newcomb it could be high $400,000 to early $500,000s.”
CoreLogic data supports the level of growth, with the median house price rising 23 per cent in Breakwater in a year to $382,500.
But in Newcomb, which has become a hotspot in Geelong’s east, capital growth is at 26 per cent over the same time with a median house price of $436,000.
Annual capital growth in East Geelong is 13 per cent this year as the median house price reached $650,000.

“I don’t get why it’s not on people’s radar yet,” Mr Forte said.
“It’s the same as Thomson, it’s not as widely known and not often sought after.”
CoreLogic data shows just 30 houses sold in 12 months in Breakwater, while 85 were traded in Newcomb.

Source link