Geelong property costs have defied gloomy predictions six months in to the coronavirus pandemic.
New information exhibits the exceptional resilience of the area’s home market to the financial downturn ensuing from restrictions to take care of the well being disaster.
Home costs throughout Higher Geelong rose 4.8 per cent over 12 months to $595,000, the Actual Property of Victoria’s September quarter information exhibits.
Over the quarter, the median worth elevated 1.7 per cent, in comparison with a 1.7 per cent fall in Melbourne.
Vivid spots included Newtown and Belmont the place the median home worth is greater than 10 per cent larger than the identical time final 12 months.
Newtown climbed 1.4 per cent in three months to $910,000, whereas a 3.8 per cent rise within the quarter noticed Belmont’s median hit $602,000.
Different suburbs to see an increase of greater than 10 per cent within the 12 months included East Geelong, Newcomb, Geelong and North Geelong, with Anglesea and Bannockburn vibrant spots additional afield.
Nevertheless the REIV mentioned it tracked lower than 50 gross sales in 12 months in these suburbs.
Barwon Heads is the area’s costliest market, with a $1.05 million median home worth, as Geelong took six of regional Victoria’s 10 dearest suburbs or cities.
Buxton, Highton agent Tony Moorfoot mentioned the affect of Melbourne consumers had elevated competitors with native consumers throughout the lockdown.
“It doesn’t shock to see these median costs going up, as a result of the inflow of individuals wanting to return to Geelong,” he mentioned.
“You may get greater blocks, higher costs, extra bang to your buck and only a higher life-style with change in your pocket.”
Mr Moorfoot mentioned owners had turn into accustomed to promoting throughout the pandemic, with extra houses listed throughout the second lockdown.
“Individuals noticed the market was nonetheless turning over, that individuals had been nonetheless glad to purchase, so the second time spherical they’re simply pushing by means of,” he mentioned.
Hodges, Geelong West agent Marcus Falconer mentioned property inside a 5 to 10km ring across the metropolis was extremely fashionable, as first-home consumers, individuals relocating to the realm and downsizers drive the market.
“Geelong has by no means been extra on the map than what it has been for a really very long time,” he mentioned.
“We’re seeing an unimaginable quantity of people that have re-evaluated their lives and might now work remotely both completely or on a 50-50 foundation and so they’re saying I’ll take the affordability and the amenity and the life-style of Geelong over the Melbourne CBD any day.”
Mr Falconer mentioned the scarcity of the property available on the market was more likely to proceed, at the same time as extra individuals are deciding to record later this 12 months.
“I believe we’re nonetheless going to see a big scarcity of houses, one of many opposed results of the pandemic is individuals who at present dwell right here realise how fortunate we’re.”
SEPTEMBER: GEELONG MEDIAN HOUSE PRICES
Supply: REIV *lower than 50 gross sales recorded in 12 months.