New interest in Newcomb

Point Henry plan puts focus on neighbours

NEWCOMB is the next suburb tipped to boom as investors speculate on the impact of redeveloping Point Henry’s former saltworks and Alcoa land.

Agents have noticed a spike in investor activity as new data suggests a rising market.

CoreLogic data shows the median house price has climbed 6.9 per cent in the 12 months to $310,000. And the homes are selling quickly, with an average 21 days on the market for the 104 sales recorded in Newcomb in the year — half the regional average.

Hayeswinckle East Geelong director Stacey Hayes said investors choosing Newcomb were speculating on the potential of the marina devel- opment at the nearby former saltworks.

“I’ve sold six or seven properties through the excommission area — the planets streets, Neptune Ave, Venus Court,” she said.

“They’re all selling to investors. Everyone’s saying, ‘When the saltworks (redevelopment) goes ahead, that’s why we’re buying into this pocket’.” Under the development plan for the former Alcoa and Cheetham Salt site revealed by Bellarine MP Lisa Neville last week, 2000 new residents would call Point Henry home.

The precinct would include new hotels, resorts, major tourism attractions, a working pier and boating marinas.

Newcomb has some of the closest residential areas to the Point Henry land. But the plan is long term, with a 30-year vision to transform the former saltworks precinct into a thriving ecological area.

Harcourts East Geelong agent Donna Buckingham said “a buzz” preceded the announcement.

“In the past six to eight months we’ve seen a surge of buyers from the potential of what could be done at the saltworks and Point Henry. It created a buzz mid-last year,” she said. “We’ve had more and more people consider Newcomb with the idea that this will get approved.

“It was in the works but now we have confirmation.”