There are more signs of a property price boom in Newport after a plot of land in the city sold for more than three times its guide price at auction.
A bidding war erupted before the land in the Beechwood area of the city, with a guide price of £36,000, sold for £122,000.
The rough scrubland site at Clevedon Road, is close to Woodland Park, described as a ‘sought-after area’.
Paul Fosh, of Newport-based Paul Fosh Auctions, said:
“The price achieved for this simple plot of land in Beechwood is amazing. There isn’t a building on the land or even planning permission.
“The plot was certainly a star attraction of the auction with bidders neck and neck in their efforts to secure the lot. At times I wondered where the bidding was going to end.
“The figure achieved may well indicate that the much commented on and predicted property price rise in Newport has finally arrived.
“There is no doubt Newport has become increasingly desirable over recent months and this is down to a number of factors.
“One of the key ones is the imminent removal of the tolls charged on the Severn Bridges. This, added to the historic affordability of property on this side of the Severn Estuary, makes buying property here even more attractive to those from the Bristol area looking at property.
“Another boost for those looking at Newport is the level of regeneration going on in the city.”
The next Paul Fosh Auctions sale will be held at The Park Inn Hotel, Llanedyrn, Cardiff, on Thursday, September 13, starting at 5pm.