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The five-bedroom house 12 Narmbool St, Manifold Heights, has sold after six months on the market.
Manifold Heights’ meteoric rise to Geelong’s most expensive residential real estate can be traced to the 1920s.
The decision to impose a single-dwelling covenant when most of the streets were mapped out on what was originally vineyards has locked in multimillion dollar paydays for renovated and rebuilt homes a century later.
The latest is a circa-$2m sale of a renovated and extended five-bedroom house at 12 Narmbool St.
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The residence, designed by DBL and built by Archibald Builders with substantial involvement from the vendors, covers a significant portion of the 697sq m block off Shannon Ave.
Veteran agent Tony Young, of Gartland, Geelong, said it took six months to stitch together the deal with the buyers who were the first to inspect the property.
The home was initially listed at a higher price, though the buyers returned to the table when the guide was reduced to a $2m to $2.2m range, Mr Young said.
The undisclosed price was within that range, as a couple of other potential buyers made offers, he said.
The large open-plan living, dining and kitchen zone is the home’s key feature that leads out to a rear deck.
The kitchen features a butler’s pantry, integrated dishwasher and stainless steel cooker.
“Their persistence has paid off in time. When we started the campaign, they viewed it at that time but couldn’t really make it work,” Mr Young said.
“As soon as it got down to the new price they were able to. We ended up with three buyers that came through at that point, and they were all very similar in regard to their offers.”
A string of high-end sales has cemented Manifold Heights as Geelong’s most expensive suburb, with a $1.175m median house outpricing blue-chip Newtown, a 20 per cent jump in three years, according to PropTrack data.
Recent top-end sales includes $3m-plus transactions in Bostock and Purrumbete avenues. There have been $2m-plus sales in the same streets, along with at 4 Narmbool St.
A four-bedroom Volum St house sold recently for $1.9m, prior to a $1.88m sale in Wimmera Ave.
A deep freestanding bath is a key feature of the main bathroom.
The bedrooms offer plenty of space.
Mr Young said the single-dwelling covenant had created a residential enclave where home values were accelerating through renovation and demand.
“You’re paying around $1m for a block and then you are spending quite a lot of money to build a home,” Mr Young said.
“You want to know that there’s not going to be two townhouses going up next to you, or a proliferation of cheaper properties built.
“So it really is becoming a real high quality residential enclave, and with people really investing a lot of money – it started probably 15 years ago – it’s just starting to ramp up, and people are more than happy to spend the money to be in Manifold Heights.”
The deck expands entertaining space.
A built-in entertainment system is featured in the living zone.
Mr Young said the owners had done “an amazing job of the extension and renovation – it really is a beautiful home”.
Luxe, contemporary design features are clean and minimal, with an abundance of light and space.
The designer kitchen has stainless-steel appliances and a large butler’s pantry, stone island bench and lots of storage.
A large undercover veranda and entertainment deck which overlooks the low-maintenance landscaped north-facing rear yard.
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