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23 Cresta St, Leopold, sold for $1.6m, a suburb record for a house on a suburban residential block.
A remarkable custom-built home that’s a standout in a suburban street should give neighbours the confidence to pursue their own grand designs after setting a price record.
The two-storey, three-bedroom residence at 23 Cresta St, Leopold, sold for $1.6m last week, setting a new benchmark for a house on a residential block in the town where PropTrack shows the median price is just below $680,000.
There’s little suburban about this house, which occupies a 758sq m block on a street dominated by 1970s and ’80s homes.
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The custom design is clad in Corten steel, with a cavernous open-plan living zone set beneath a high, raked ceiling that has a spacious kitchen and dining space.
23 Cresta St, Leopold, sold for $1.6m, a suburb record for a house on a suburban residential block.
The living area has large windows overlooking the yard, where an outdoor barbecue area and pizza oven with a spotted gum deck is surrounded by garden.
Concrete flooring and automated clerestory windows maximise thermal mass and cross ventilation within the house, where first floor views take in a panoramic vista of Geelong to the You Yangs.
Bellarine Property selling agent Lee Martin said he thought the sellers expectations were high but the house found a buyer fairly quickly.
Records show the next-best suburban sale is $1.25m for a four-bedroom house at 17 Ascent Ave.
23 Cresta St, Leopold, sold for $1.6m, a suburb record for a house on a suburban residential block.
A house at 45-49 Birchbank Court, Leopold, sold for $1.663m in 2021, but occupies a 4647sq m lifestyle property.
“You can look at all the comparables and the data and it might not make sense but it was that good a place and I always felt if we had the right buyer, they would recognise what was on offer,” Mr Martin said.
“You put that property in Ocean Grove, Barwon Heads, Point Lonnie, Torquay that would be $1m more – at least – straight away.”
23 Cresta St, Leopold, sold for $1.6m, a suburb record for a house on a suburban residential block.
Mr Martin said the sellers had originally bought a house with a double block, subdivided, built this one and sold off the old house next door.
The sale showed they hadn’t over-capitalised, he said.
“That should give confidence that to anyone in Leopold that’s going to do something fully custom that there’s no precedent for,” he said.
“The views from up top are really surprising. You could see the hinterland of the Surf Coast, you could see the whole of Geelong’s skyline, the footy stadium, the waterfront, all of the industrial part along the way around to the You Yangs.”
23 Cresta St, Leopold, sold for $1.6m, a suburb record for a house on a suburban residential block.
Mr Martin said the owners had worked with the beautiful gum trees on the block.
“It was incredible – you drive past it and you can hardly see it.”
The buyers are relocating from central Victoria, where they are moving closer to family, but also close to Geelong.
Geelong buyers advocate Tony Slack said the property was something that could be replicated in a suburban setting.
“It is amazing, the vista and how you get that elevation,” he said.
23 Cresta St, Leopold, sold for $1.6m, a suburb record for a house on a suburban residential block.
“It’s definitely way over and above everything else in that price bracket but being a three-bedder as well, you’re probably eliminating your families with two kids really.
“There’s not a heap of land value in that 750sq m because of where it is. It’s replaceable, so you could buy something for $600,000 or $700,000 and knock it over and you’re easily building this house for $900,000,” Mr Slack said.
“Generally, your out-of-towners are the ones that probably don’t have a great concept of other sales in the area.”
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