Geelong investment buy safe as houses
STAR Geelong Cat’s player Patrick Dangerfield’s cousin has snapped up an investment property in Geelong West as a report highlights the safety of Geelong’s real estate market.
Kate Dangerfield, of Newtown, purchased 4/2 Brittania St for $453,000 at auction after outbidding one other bidder from Mildura. She said the three-bedroom unit would be an investment property as she saw how strong Geelong West’s capital gain was.
“I’ve been looking for four to five months, it was really hard to compete with first home buyers,” she said.
CoreLogic research analyst Cameron Kusher said the Geelong market was performing quite nicely and the quarterly Pain and Gain report ranked Geelong fifth nationally for the lowest proportion of loss-making resales in the March quar- ter. “You are starting to see more demand in the Geelong housing market, particularly as people get priced out of Melbourne,” Mr Kusher said.
He said signs price growth in Melbourne was slowing didn’t necessarily mean Geelong buyers would hit a road bump. “There are different drivers of Geelong at the moment and a lot of people from Melbourne are using equity in their properties to buy there,” he said.
Hodges, Geelong West agent Jeff Begg said a lot of investors were looking at buying property in Geelong West.
“The amenities, it’s where people want to be. It is close to the train station and Pakington St for good food and coffee,” Mr Begg said.
The median house price in Geelong West is $570,000, up 15.2 per cent in the past 12 months, according to CoreLogic. The median unit price is $347,000.