Geelong’s high development suburbs of the final decade revealed

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91 Mount Nice Highway, Belmont, offered for $780,000 after 4 days available on the market. Two years in the past brokers might safe a purchaser.


Surging inhabitants development is pushing Geelong home costs to new ranges as consumers blow away lingering results of pandemic lockdowns.

New knowledge has revealed the magnitude of the rise in values over a decade.

Wandana Heights was town’s costliest suburb in 2011, when $541,000 purchased a median priced home on the sting of the Barrabool Hills.

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Record prices for up and coming Geelong suburbs

However Newtown has wrested the mantle as town’s premium suburb with a $932,000 median worth right this moment and pundits predicting it on the right track to achieve a $1m median by yr’s finish.

Newtown is the costliest suburb at $932,000. 39 Virginia Road, offered for $2.6m in November.


Central Geelong has proven the most effective development over the last decade, with the median worth rising $442,000 in 10 years to $902,000.

That’s $20,000 wanting double the 2011 median worth, the evaluation of Hometrack knowledge reveals.

One of the best share development was achieved at Manifold Heights, which has hit $837,500.

Home costs in Geelong West, East Geelong, Herne Hill and Norlane had been among the many greatest performing over the last decade.

The area has benefited from a rising shift of individuals to regional Australia, which a brand new REA Insights Property Outlook report mentioned went into overdrive attributable to modifications to work patterns and a drive for more room exacerbated by lockdowns.

17 Volum Road, Manifold Heights, offered for $1.725m at public sale final weekend. The suburb has had the most important development over 10 years.


The report predicts the development will proceed to profit cities like Geelong, particularly as soon as extra staff are known as again to their places of work.

Buxton, Newtown agent Tom Butters mentioned whereas many consumers went to the coast instantly after the lockdowns, extra had been now Geelong, for its way of life and what’s has to supply.

These additional consumers has generated a shift in gear in the true property market since December, pushing costs larger and time on market decrease.

It makes setting worth expectations for properties tougher although.

Auction at 82 Gertude St, Geelong West

Tom Butters mentioned the market had moved that rapidly since January that earlier gross sales had been not relative to set worth expectations. Image: Peter Ristevski


“We’re pricing issues primarily based on January 1 to now, not on December or November gross sales,” Mr Butters mentioned.

“It’s a brand new yr and the market has jumped forward a lot within the final eight weeks you may’t have expectations primarily based on December and November gross sales, it’s not relative.”

Two years in the past, Mr Butters couldn’t discover a purchaser for a three-bedroom clinker brick home in Belmont’s Mount Pleasant Road priced at $590,000 to $640,000, so he really useful they hire it out and watch for the market to enhance.

The property offered final weekend for $780,000, after 4 days available on the market, he mentioned.

“It went on at $685,000 to $735,000 and I had 44 teams by way of on Saturday and sat on Sunday and negotiated with the consumers.

80 Swallow Crescent, Norlane, offered for $360,000. Town’s least expensive suburb was additionally among the many greatest carried out prior to now decade.


“In 2021 the flood of individuals we’ve seen – I offered 4 properties on the weekend and each considered one of them was to Melbourne {couples} besides Mt Nice Highway, which was to Sydney consumers who’re going to maneuver down.”

Whitford, Newtown agent Dale Whitford mentioned whereas the market had additionally factored in authorities grants rolled out to prop up the sector throughout the worst of the pandemic, the low rate of interest surroundings made it good for consumers ready to tackle debt, and town was shaking off purchaser preconceptions of what it’s and isn’t.

“When you think about the interval that we’ve been by way of that’s excellent,” he mentioned.

“Client confidence had been the worst for the reason that melancholy.

“The basics are good — the financial system is kicking on strongly, rates of interest are actually low and can be for a while.”

BEST PRICE GROWTH IN GEELONG SUBURBS IN 10 YEARS

Suburb (Homes) Median home worth 2021 Median home worth 2011 Share enhance in home worth over 10 years
Manifold Heights $837,500 $403,000 107.8%
Geelong $902,000 $460,000 96.1%
Geelong West $761,250 $389,900 95.2%
East Geelong $815,500 $420,000 94.2%
Herne Hill $614,000 $320,000 91.9%
Norlane $373,500 $195,000 91.5%
Rippleside $874,000 $480,000 82.1%
North Geelong $522,500 $288,000 81.4%
Belmont $610,000 $339,000 79.9%
Corio $394,000 $225,000 75.1%
Newtown $932,500 $537,501 73.5%
Newcomb $475,000 $275,448 75.5%
Lara $576,250 $335,000 72.0%
Highton $745,000 $435,000 71.3%
Bell Put up Hill $515,000 $305,000 68.9%
Bell Park $500,000 $298,000 67.8%
Grovedale $550,000 $328,750 67.3%
Whittington $409,250 $245,000 67%
Hamlyn Heights $560,000 $349,000 60.5%
St Albans Park $460,250 $287,500 60.1%
Leopold $533,500 $335,500 59%
Thomson $432,000 $280,000 54.1%
Beautiful Banks $576,000 $379,000 51.9%
Wandana Heights $807,500 $541,000 49.3%
Waurn Ponds $633,000 $435,000 45.5%
Marshall $510,000 $370,000 37.8%
Suburb (Models) Median unit worth 2021 Median unit worth 2011 Share enhance in unit worth over 10 years
Hamlyn Heights $505,000 $233,000 116.7$
Geelong West $480,000 $240,000 100%
Newcomb $415,000 $237,000 75.1%
Belmont $462,500 $266,250 73.71%
Grovedale $430,000 $258,000 66.7%
Manifold Heights $429,500 $269,500 59.3%
Whittington $350,000 $220,000 59.1%
Highton $455,000 $286,500 58.8%
Lara $380,000 $240,000 58.3%
Herne Hill $282,500 $179,500 57.4%
Geelong $675,000 $453,000 49%
Leopold $407,000 $275,000 48%
Corio $312,500 $211,500 47.7%
Norlane $329,000 $223,000 47.5%
Bell Park $424,500 $291,000 45.8%
Newtown $475,750 $330,000 44.1%
St Albans Park $335,000 $252,000 32.9%

Supply: Hometrack. Median costs for gross sales in 12 months to February, 2021

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