Bumper auctions to test the market
55 homes to go under the hammer this weekend
GEELONG’S auction market will face its biggest test of the year when 55 homes go under the hammer this weekend.
The bumper weekend — 12 more than last week — makes a strong opening to the autumn selling season that’s already shaping up as a rising market as new figures show dwelling values climbed 3.2 per over summer.
Five more homes that were set to be auctioned this weekend have already found buyers.
New CoreLogic figures show Geelong’s auction market is the nation’s strongest, with an 86 per cent success rate last month.
Auction results showed 13 suburbs had a perfect selling record in February, led by Geelong West, where buyers snapped up all 13 properties offered at auction. Aireys Inlet, Bellbrae, Bell Park, Bell Post Hill, Breakwater, Curlewis, Corio, Drysdale, Grovedale, Hamlyn Heights, Herne Hill, Indented Head, Jan Juc, Lara, Manifold Heights, Norlane, North Shore, Point Lonsdale, Portarlington, St Albans Park, Whittington, Winchelsea Torquay Belmont East Geelong Ocean Grove Highton Geelong, Newtown Newcomb
Other popular inner ring suburbs, such as Hamlyn Heights and Herne Hill, also had perfect records.
Clearance rates were lower in traditional hot spots like Belmont, East Geelong, Newtown and Highton where volumes were higher.
New CoreLogic figures show the rate of capital growth in Geelong increased in February, compared with Melbourne’s flat market.
Dwelling values increased 3.2 per cent in three months to $524,998 in Geelong, while Melbourne values changed 0.1 per cent to $723,334. Buxton, Newtown agent Ben Riddle said more homes were selling at auction as lower stock levels and more buyers pushed prices.
“The Melbourne dust has settled after a pretty aggressive decade and we still have people continually say, ‘When is Geelong going to finish?’,” he said.
Mr Riddle said this weekend’s higher pool of data provided a true test for the market.
“We’d be surprised that 40 to 45 of those properties weren’t sold by Monday at the latest,” he said.
“The reality is we’re achieving higher than expectations because the market is going up.”
Hodges, Geelong West agent Marcus Falconer said the demand in the suburb was the strongest he’d seen.
“People are relocating here just for lifestyle. It’s testament to the area, a lot of people really like that cosmopolitan feel,” he said.
“Demand has been stronger and stronger every weekend.
“People are moving quicker than I’ve seen it any time in the past.”
FULL AUCTION PREVIEW IN REAL ESTATE LIFTOUT TODAY