Where buyers are lining up for Geelong property

Geelong agent Eugene Carroll said crowds are rising at open homes. Picture: Peter Ristevski


A big rise is demand for Geelong property has put homeowners preparing to hit the market this year in the box seat.

New data shows search demand is high for Geelong real estate, while agents are seeing crowds at open for inspections as soon as homes hit the market.

The realestate.com.au data shows demand in many Geelong suburbs was well above the state average 1597 visits per property.

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The strong interest in Geelong comes as researcher CoreLogic revealed the median home value in the region was rising three times faster than Melbourne.

And the Australian Bureau of Statistics estimates almost 11,000 people had left Melbourne for regional Victoria in six months during the coronavirus lockdowns last year.

The Geelong suburbs with the strongest growth in demand are lead by East Geelong, with 3629 visits per property, and include Herne Hill, Manifold Heights, Geelong West, Newcomb, Belmont and Waurn Ponds with more than 2000 visits.

Coastal hot spots include Aireys Inlet and Jan Juc.

There is a correlation between demand and capital growth, with median house prices rising more than 10 per cent in most of the high-demand suburbs.

McGrath, Geelong agent David Cortous said the depth of buyers in the market was the best he’d seen in 20 years in real estate.

Auction of 71-75 Rivergum Drive, Highton

Auctioneer David Cortous said the region had become a lot more attractive to more buyers. Picture: Alan Barber


“The buyer depth in Geelong is incredible,” he said.

“I guess it’s a combination of very low interest rates, Melbourne people who don’t have to work from their offices five days a week any more, so the region has become a lot more attractive, and local people are upgrading.”

Maxwell Collins, Geelong agent Eugene Carroll said QR check-in codes had helped as open for inspection crowds had exceeded expectations this year.

“Normally at opens you might have between six and a dozen people come through. We had 31 groups come through an open a fortnight ago.”

Mr Carroll said follow-up calls showed most were genuine buyers and revealed a sense of urgency as buyers planning ahead to inspect potential homes.

“We ask what their thoughts are on a property and they elaborate on even if the property didn’t suit, we are actively looking in that area, if anything else comes up can you let us know,” he said.

Fifty groups attended the first open home at 14 Lansbury Crescent, Highton.


“There is still a good number of local people who are looking.”

Mr Carroll said there are plenty of people seeking appraisals to list, but the strong demand is leading to more sales before homes go on the market.

Realestate.com.au chief economist Nerida Conisbee said being regional made Geelong even more popular during the extreme lockdowns that Melbourne had.

“It’s interesting that the other area that’s doing really well is the Mornington Peninsula,” she said.

“It’s similar drive time and is coastal, but I think in many ways Geelong benefits from the fact that it’s a big city and an employment-generating city so it has a lot more legs in terms of where it can go as a city.”

GEELONG’S MOST IN-DEMAND SUBURBS

Suburb Demand (Average visits per property) Median price (houses)12 month price changeMedian days on market
East Geelong3629$815,50031.532
Aireys Inlet2840$1,055,00019.214
Jan Juc2785$960,00010.336
Herne Hill2647$600,00012.728
Rippleside2463n.a.n.a.n.a.
Thomson2461$433,5008.236
Manifold Heights2452$862,50024.9n.a.
Geelong West2386$750,00011.142
Newcomb2338$475,000829
Wallington2244$1,112,5005.8n.a.
Batesford2127$1,250,00039.7n.a.
Belmont2114$605,50011.631
Waurn Ponds2072$630,250-326
Drumcondra1998n.a.n.a.n.a.
Highton1936$745,000831
Barwon Heads1925$1,180,00018.536
Bell Post Hill1866$505,0006.338
Connewarre1768$1,615,00026.2n.a.
Birregurra1760$570,00021.3n.a.
South Geelong1727n.a.n.a.n.a.
Whittington1687$410,0008.643
Hamlyn Heights1659$557,0004.141
Newtown1650$950,00014.542
Anglesea1601$1,055,00011.924
Marshall1379$510,0004.823
Little River1304n.a.n.a.n.a.
North Geelong1224$525,0003.340
Fyansford1215$806,000n.a.
Lorne1175$1,495,00015.246
Bell Park1148$500,0003.461
Grovedale1147$547,000837
Teesdale1066$660,0006.252
St Albans Park1018$445,0005.539
Geelong959$895,00029.743
Wandana Heights958$788,0005.941
Clifton Springs948$518,5006.948
Winchelsea913$500,00015.677
Queenscliff890$920,00011.269
Ocean Grove866$775,00011.563
Torquay771$849,5003.654
Leopold755$525,0006.155
Drysdale734$610,0005.546
Point Lonsdale696$920,000-3.2135
Curlewis678$538,0000.639
Lovely Banks669$577,000-17.640
Bannockburn643$585,0003.553
Norlane638$371,000666
Corio621$385,0009.761
Indented Head613$555,000-9.8n.a.
Portarlington536$660,000-10.266
Lara487$564,7505.646
St Leonards434$550,000-2.4119
Mount Duneed429$581,2504.955
Charlemont426$533,50014.730
Armstrong Creek164$545,0002.841

Source: realestate.come.au, Hometrack

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