Builders’ own coastal renovation value of $815K rises

The builder’s home on 12 Somerdale Ave in Ocean Grove was sold for $1.4 million.

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The builder’s own renovation works add $800,000 to the value of entry-level homes purchased in Covid Lockdown.

Three side-city buyers drove in the coastal-inspired reforms of Atla Construction, to reform somerdale Ave, 12 Ocean Grove, where one paid $1.4 million to bring a three-bedroom home to the market.

The result exceeded the highest price of $1.395 billion and set a new benchmark for a street that only received its first million-dollar sale earlier this year.

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Atla building transformed the first two-bedroom home.

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It is unrecognizable since its last sale in 2020.

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Records show that the house was last sold for $585,000 in July 2020.

Fletchers, Ocean Grove Agent Dan Halsey, said one Atla owner largely rebuilt the existing residence of the 633 square metre property to create his own family home.

A new gazebo with a light-colored open living area with engineered oak floors and cathedral ceilings, the study corner and master bedroom suite is at the heart of the renovation project.

“It was just a two-bedroom, single, single bathroom, and that was very small,” he said.

“They did keep the bricks in the original building, but they pulled the roof out and pulled the walls back into the studs. They kept one of the wet areas, but essentially it was a brand new building – about 80% of what you’re seeing is new.”

The kitchen features Smeg Wall Oven, Westinghouse induction cooker and a butler’s storage room.

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A brick fireplace sets the scene for entertaining in the landscaped garden.

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Wood decor in the master bathroom.

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Other fresh trims include a garage and brick entertainment area with outdoor fireplace.

Mr Halsey said the renovation attracted not only buyers of Ocean Forest, but also Geelong and Melbourne.

Sales ended before the third open house, with Melbourne buyers planning to take action permanently.

“It’s a very stylish, planned home, so close to the beach,” he said.

According to Proptrack, the average market time for Ocean Grove Houses is 72 days, which leads to complacency among some buyers when good stocks are listed.

But Mr Halsey said the trend may start to change after two years of the buyer market.

“What we have found in the past few months is the reintroduction of holiday home buyers and investors, mainly from outside the country,” he said.

“They are back and they put a little pressure on the locals.”