PRICES DOUBLE IN A DECADE
FIND a house that’s rich in character, close to a popular shopping village, do it up and chances are you’ll double your value in 10 years.
That’s the experience in three popular inner Geelong suburbs where the median house price has doubled this decade.
The highest increase was in Geelong West, where the typical house price climbed more than $320,000, CoreLogic figures show. In 2007, Geelong West’s median price was $270,000. Ten years later, it’s 120 per cent higher at $596,000.
House prices have also doubled in Manifold Heights and East Geelong in the decade, the figures show.
The only other spot in the region where houses have doubled is at Jan Juc, where the price is now $783,000.
To put that into perspective, house prices across the City of Greater Geelong have increased 61 per cent in a decade — rising $165,000 to $435,000.
McGrath Geelong agent Will Ainsworth said rising pri- ces coincided with the Transport Accident Commission starting to relocate to the city, bringing a lot of Melbourne buyers to Geelong.
“They particularly like Geelong West — and Manifold Heights and East Geelong to a lesser degree — because they resonate quite well with a lot of Melbourne buyers because they have a similar feeling to inner Melbourne suburbs,” Mr Ainsworth said.
“Obviously the character components to a lot of the properties are a real drawcard.
“They’ve all got direct access to shopping, they are close to the CBD and the streetscapes are beautiful.”
Mr Ainsworth said renovat- ing also added value to character homes.
“The houses that have improved have brought along the unrenovated ones that are attractive to people. It all comes around in a full circle,” he said.
“You’re a five-minute walk and have those rich character features — they add a value to a property that is really intangible. It’s more of a feeling than anything else. People just love that feeling when they walk into those homes.”
Hodges Geelong West agent Marcus Falconer said population growth predictions for the region meant homebuyers could expect more of the same in the future. “A few years ago they were saying 260,000 peo- ple, now some demographers are saying Geelong will be 500,000 by 2050,” he said.
But the best growth prospects were still real estate fundamentals, he said. “It’s all about location — close to schools, shops and transport. They’re the key drivers in any community,” he said.
The figures show that neighbouring suburbs have also shared in the wealth, with some of the biggest long-term increases experienced in Hamlyn Heights (88 per cent), Herne Hill (79 per cent) and Thomson (69 per cent).
The young demographic that’s leading the charge from Melbourne would have a wider impact on the economy in the future, leading to more job creation, realestate.com.au chief economist Nerida Consibee said. “I think what’s positive for Geelong is even though these people might be commuting to Melbourne, we often find that people give up the commute and might start to create their own businesses,” she said.
“In the longer term it’s a good sign that Geelong is very desirable. People want to be there at a price point.”
‘They’ve all got direct access to shopping, they are close to the CBD and the streetscapes are beautiful.’ MCGRATH GEELONG AGENT WILL AINSWORTH