Gladstone Park: Couple’s huge renovation pays off with $108k auction bonus

After a huge renovation, a young family scored a $108,000 premium on their Gladstone Park house as they gear up to move to Victoria’s High Country in Beechworth.

Adam Woodcock and his wife Bree Collicoat purchased the three-bedroom house at 16 Katrina Drive in 2016 for $530,000, according to PropTrack data, before embarking on a mammoth refurbishment.

“The reason we chose Gladstone Park is because of the affordability, we bought it when (house) prices were just through the roof,” Mr Woodcock said.

RELATED: Multi-generational home in Gladstone Park sells for $805,000 under the hammer

Melbourne auctions: Land value drives huge result for ‘barely liveable’ Gladstone Park pad

Real Estate auction blog: Livestreams and rolling updates from Melbourne’s auction market

“I’m a qualified, licensed plumber by trade and this was our first renovation, but we didn’t cut corners, the renovations are proper … we pretty much fully renovated it from the roof right down to the inside, having to pour new footings and relevel the house.”

After the couple’s efforts, 12 buyers registered to bid at the property’s auction on Saturday, with eight actively gunning for the keys.

It eventually sold to a local couple buying their first home for $888,000, flying $108,000 above the $780,000 reserve.

Ray White Gladstone Park auctioneer Phillip Mercieca also sold the property to the vendors when they first bought it and said the weekend sale price was the highest achieved in the suburb this year.

“It was a lovely property and against the grain of what we typically see in the area,” Mr Mercieca said.

“The vendors had done a full renovation and that’s what attracted buyers to the property.”

He added that the local market was strong with “a lot of buyer demand”.

“We’re very low on supply at the moment,” Mr Mercieca said.

“It’s a great time for sellers because there’s so many buyers out there.

Mr Woodcock added that he and Ms Collicoat had enjoyed many special memories at the home, including their daughter’s recent 10th birthday party, as well as their 10th wedding anniversary celebration.

“We’ve put so much time into the house, if we could pick it up and take it to Beechworth with us we definitely would,” he said.

The 539sq m property features a stylish ensuite off the main bedroom and solid hardwood floors throughout, plus a spacious back yard with a covered entertaining area. It was initially listed with a $710,000-$750,000 price tag.

Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.

MORE: 20 Melbourne suburbs that are undervalued right now

St Kilda: Alias Mae founder lists ‘tranquil oasis’ home where footwear label took off

Cremorne: VRC vice chairman Michael Ramsden’s ‘cracker’ office site with rooftop terrace hits market

[email protected]