Boom time in cheap burbs

GEELONG’S most affordable suburbs are among the hottest regional property markets in the state, new figures show.

Suburbs like Newcomb, Norlane, Corio and Whittington experienced higher than 20 per cent capital growth in 2017, the new data from the Real Estate Institute of Victoria shows.

The December quarter data revealed 13 suburbs and towns had price growth of more than 20 per cent in the region.

Manifold Heights was Geelong’s most expensive suburb, with the median house price at $814,000 after a series of million-dollar auctions amid a small number of sales during the December quarter.

But Newcomb and Norlane were the biggest stories for sellers, with both suburbs breaking price barriers at the end of 2017.

House prices in Newcomb hit $410,000 on the back of 32 per cent capital growth, while in Norlane the median price shot up almost 29 per cent to break $300,000 for the first time.

Hayeswinckle East Geelong agent Stacey Hayes said a series of post $500,000 sales last year had heralded Newcomb’s boom. Ms Hayes said a lot of buyers who saw East Geelong as too expensive were hunting for houses in Newcomb.

“You can buy a two-bedroom weatherboard that needs work in the $500,000s (in East Geelong) when you can just pop over to Boundary Rd and you get bigger blocks and $300,000 to $400,000 price points and you can do them up,” she said.

Ms Hayes said most of her sellers were long-term resi- dents of up to 40 years, but there was an increasing number of short-term sellers keen on realising profits after renovating.

She believed more growth was on the cards in Newcomb.

“It’s still going to be growing. I’ve really only seen a shift in the past 12, maybe 18, months in Newcomb, whereas I saw the shift in East Geelong three years ago,” Ms Hayes said.

“Newcomb is really just starting to boom last year and there is still more growth.”

Ray White Corio agent Maddison Boothroyd said there was strong demand from local first-home buyers and investors, but Melbourne and interstate buyers continued to drive the demand in Norlane and Corio.

“We don’t see it slowing down any time soon,” she said.

For a full list of median house prices, go to geelongadvertiser.com.au