Record sales a positive sign buyers rethinking Breakwater
PRICE records continue to tumble in underrated Breakwater as punters look to the traditional working class suburb for value buying.
Hot on the heels of a boom 2018 market in which capital growth surged 14 per cent, a modern townhouse has become the latest to set a new price benchmark.
Barry Plant, Geelong agent Dion Plumb said the four-bedroom rear unit at 29A Tanner St recently sold for a top figure of $475,000.
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It follows the record residential price paid last June for a four-bedroom house just down the road at 51A Tanner St. It sold for $507,000.
Mr Plumb said buyers’ preconceptions were changing as they recognised the western part of the suburb was not industrial and offered good lifestyle benefits close to the banks of the Barwon River.
The price concessions are always a big drawcard, with the median house sitting at an affordable $382,500, according to CoreLogic.
Mr Plumb said his latest number crunching showed the average house in neighbouring East Geelong sold for 67 per cent more than in Breakwater.
“In Breakwater you are paying 70 per cent less for 2km further out, or a couple of minutes in the car,” he said.
“I think people are starting to realise you can buy a home for under $500,000 and you walk to the Barwon River.
“I live in the area and I take the kids for a walk along the river up to parks on Sundays.”
He said improvements to the playground in Tanner St would add to the fabric of the small geographic suburb.
Only 23 houses changed hands there last year but those that did were quickly snapped up after an average of 14 days on the market.