WE’RE NO.1 FOR AUCTIONS
LET BUNGALOW BIDDING BEGIN
GEELONG is the best-performing market for auctions across Australia with a higher clearance rate than every capital city and large regional area.
The clearance rate in Geelong for the September quarter was 78.1 per cent with a total of 501 auctions recorded, according to recent CoreLogic data.
Geelong has outperformed Melbourne, which had the highest quarterly clearance rate of all the capital cities at 72.6 per cent.
CoreLogic senior analyst Cameron Kusher said, at the moment, Geelong was certainly “the best-performing market for auctions”.
“There is more demand for housing in the region now than there was a year ago . . . people are hunting for more affordable options outside of Melbourne and that is really the driving force,” Mr Kusher said.
He said demand for premium holiday homes in the region was also driving the much stronger clearance rate.
“We are generally seeing lifestyle markets improving, Geelong is seeing quite a strong housing market at the moment,” he said.
Last year in Geelong there was a 72.3 per cent clearance rate from 347 recorded auctions in the September quarter.
Since then the volume of auctions and clearance rate have increased.
McGrath Geelong real estate agent Will Ainsworth said the amount of out-of-town buyers moving to Geelong was pushing the competition but local buyers had quickly caught on. “Good properties are going to auction, so buyers need to be in a position to bid at auction if they want to secure good real estate in Geelong,” Mr Ainsworth said.
He said some vendors had hesitations about going to auction but they quickly discovered the auction process was the most transparent and usually got the best outcome.
There have been a few huge auction results in Geelong recently where properties have sold for more than $100,000 above the reserve.
This includes 13 Britannia St, Geelong West, selling for $932,000, 176 Thompson Rd, North Geelong, selling for $455,000 and 27 Loftus St, East Geelong, selling for $659,000.
This is resulting in median prices across Geelong significantly increasing.
CoreLogic data shows the suburb with the highest median price increase is Manifold Heights, increasing 33.4 per cent in the past year to $713,750.
Bell Post Hill, East Geelong, Norlane and Belmont round out the top five Geelong sub- urbs with the highest capital growth in the past year.
Hodges Geelong West agent Jeff Begg said a lot of Melbourne people looking to move to the area were attracted by the changing culture in Geelong from blue collar to a professional hub.
“Six years ago it was 60 per cent private sale and 40 per cent auctions, we pretty much auction 100 per cent of our stock now,” Mr Begg said.
“I will always recommend (an auction) to my vendor as it is the best way to get the best result.”
Hayeswinckle auctioneer Daniel Hayes said it was hard to price property at the moment as it was such a buoyant market.
“You are a fool not to take it to auction, most properties should be auctioned because you can’t determine the amount people are willing to pay,” Mr Hayes said.
“It is a great way to sell. You are leaving it to the open market to determine a price.” A CHARMING California bungalow in Geelong West will be one of 55 properties going under the hammer in the region this weekend.
Vendors Ben and Mardi Hill purchased the property at 17 Eureka St 22 years ago for $66,000 and have turned it into a welcoming family home.
“We have replastered, rewired, repainted, reeverything and now we just hope someone will love our house as much as we do,” Mrs Hill said.
She said they had decided to take the house to auction after seeing many other properties in Geelong West sell that way.
“I will be a little bit nervous but that is normal when taking your house to auction,” Mrs Hill said.
The house has a traditional layout with four bedrooms flanking a central hallway that leads to the open-plan living area at the rear of the house.
A lane at the rear of the property provides access to a double carport.
McGrath Geelong agent Will Ainsworth is selling the property.
Price hopes are $770,000 to $830,000.
Mardi and Ben Hill are putting 17 Eureka St, Geelong West, under the hammer today.
13 Britannia St, Geelong West $932,000
27 Loftus St, Geelong West $659,000
176 Thompson Rd, North Geelong $455,000