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Australia

Street price record falls as buyers eye solid start

A SOLID Newcomb brick classic has sold for almost $60,000 above reserve, setting a new street record in a popular pocket of the suburb.

Three bidders saw value in the three-bedroom house at 7 Dorward Ave, pushing the price to $489,000 at Saturday’s auction.

The $430,000 reserve was eclipsed within moments of McGrath, Geelong auctioneer David Cortous taking an opening bid of $400,000.

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Selling agent Mergim Ibrahimi said a mixture of investors and first-home buyers were attracted the long-held family residence.

“It’s a family home in a pocket of Newcomb that people want to be in,” Mr Ibrahimi said.

The new owner is an owner-occupier who was overcome with emotion as the hammer fell in her favour.

She’s looking forward to moving into the updated house that comes with two living areas and a single garage.

The highest previous recorded sale price in Dorward Ave was $455,000 for No. 32 in 2017, according to CoreLogic.

The property next door at 5 Dorward Ave sold earlier this month for an undisclosed price. The asking range was $429,000 to $469,000.

Newcomb’s median house price has eased 3.6 per cent in three months to May but is up 5.1 per cent on the same time last year. It sits at $441,000.

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