Coronavirus actual property: Geelong’s prime performing suburbs revealed as home costs defy gloom

- Advertisement -
- Advertisement -

351 Shannon Ave, Newtown, bought for $2.37 million in September.


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.

RELATED: Highton dream home sells in four days

Jimmy and Nadia Bartel sell family home

Geelong’s most popular homes revealed

Auction at 8 Angus Street, Belmont

Patrons have been glad to bid on Geelong properties regardless of COVID-19 restrictions. Image: Peter Ristevski


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.

65 Elizabeth Avenue, Geelong West, bought for $955,000. Geelong West home costs have climbed 5.9 per cent in 12 months.


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.

5/250 Malop Avenue, Geelong, bought for $825,000 earlier than public sale. The suburb’s median worth has climbed 10.7 per cent in a 12 months.


“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.

Extra from information

First-time buyers secure Malishev ex-display home at Highton auction
Family grabs Highton dream home after four days on the market
Auction of 16 Moreton Bay Drive, Highton

Agent Tony Moorfoot mentioned Melbourne consumers are constructing demand for property. Image: Peter Ristevski


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.”

Auction of 111 Swanston St, Geelong

Agent Marcus Falconer mentioned many homebuyers have re-evaluated their lives and chosen to prioritise life-style. Image: Mike Dugdale


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.”

MORE NEWS: How a city carpark became a hip vertical oasis

Local snaps up amazing beachside retreat

First-home buyer scheme ‘comes at a cost’

SEPTEMBER: GEELONG MEDIAN HOUSE PRICES

Suburb Median home worth Quarterly Change Annual Change
Anglesea* $970,000 -11.8% 20.1%
Armstrong Creek* $545,000 -0.9% -2.7%
Bannockburn* $610,000 0.0% 14.0%
Barwon Heads $1,050,000 8.1% 4.0%
Bell Park* $497,500 0.7% 2.1%
Bell Publish Hill* $510,000 0.0% 5.2%
Belmont $602,000 3.8% 11.9%
Clifton Springs* $540,000 6.5% 9.1%
Colac* $330,000 2.8% 3.1%
Corio $365,000 4.3% 3.8%
Curlewis* $585,000 0.0% 3.1%
Drysdale* $510,000 1.8% -11.8%
East Geelong* $765,000 5.5% 29.7%
Elliminyt* $452,500 0.0% 5.2%
Geelong West $720,000 -4.0% 5.9%
Geelong* $800,000 6.7% 10.7%
Grovedale $522,500 0.5% 2.5%
Hamlyn Heights* $572,500 -1.1% 2.9%
Herne Hill* $602,500 6.2% 6.6%
Highton $711,250 2.3% 3.1%
Lara $535,000 1.9% 0.0%
Leopold $526,000 0.2% 4.2%
Pretty Banks* $575,000 -0.2% -6.5%
Manifold Heights* $755,000 4.1% 6.5%
Marshall* $495,000 0.0% 0.3%
Newcomb* $485,500 2.5% 15.3%
Newtown $910,000 1.4% 13.8%
Norlane $363,000 2.5% 5.7%
North Geelong* $548,000 6.4% 10.7%
Ocean Grove $732,500 3.7% 5.2%
Level Lonsdale* $840,000 1.4% 1.4%
Portarlington* $608,500 11.1% -3.4%
Queenscliff* $875,000 -5.7% -4.4%
St Albans Park* $405,000 -2.6% -7.5%
St Leonards* $590,000 1.8% 4.4%
Torquay $872,500 0.0% 5.1%

Supply: REIV *lower than 50 gross sales recorded in 12 months.

- Advertisement -

Latest news

LGI Houses CEO: There’s nonetheless sturdy demand for the housing market with comparatively low charges

ShareShare Article through FbShare Article through TwitterShare Article through LinkedInShare Article through E mailLGI Houses CEO Eric Lipar says he's seeing sturdy demand for...
- Advertisement -

Herne Hill: First-home purchaser lands half a home that’s absolutely renovated at public sale

The facade at 42 Fraser Road, Herne Hill. A decided first-home purchaser outlasted three different events to safe his slice of Herne Hill after successful...

4 methods to get your tenant to pay extra lease

It’s no secret that the rental market in some components of the nation is sluggish.  However simply because some areas are performing under common it...

Related news

LGI Houses CEO: There’s nonetheless sturdy demand for the housing market with comparatively low charges

ShareShare Article through FbShare Article through TwitterShare Article through LinkedInShare Article through E mailLGI Houses CEO Eric Lipar says he's seeing sturdy demand for...

Herne Hill: First-home purchaser lands half a home that’s absolutely renovated at public sale

The facade at 42 Fraser Road, Herne Hill. A decided first-home purchaser outlasted three different events to safe his slice of Herne Hill after successful...

4 methods to get your tenant to pay extra lease

It’s no secret that the rental market in some components of the nation is sluggish.  However simply because some areas are performing under common it...
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here