Hot property in Geelong

City tops Melbourne clearance rate

GEELONG recorded a preliminary 80 per cent clearance rate after the biggest weekend for the auction market this year.

Sales results reported to property market analysts CoreLogic and the Geelong Advertiser on Saturday showed the success rate dipped from 85 per cent last weekend, but was still better than the clearance rate in Melbourne.

Saturday was the biggest for auctions this year, with 55 homes scheduled to go under the hammer, while another five homes had already found buyers prior to auction.

So far, results have been reported for 42 properties, with 33 finding buyers. Nine properties were reported as passed in.

CoreLogic Victorian market commentator Geoff White said the Geelong clearance rate was better than the 67 per cent selling rate achieved in Melbourne on Saturday.

“There is a variety of reasons, one being the affordabil- ity compared to Melbourne,” he said.

“I know so many people who are now commuting from Geelong to Melbourne because they can do, particularly by train.

“Those factors are coming into play.”

He said improved infrastructure, amenities and a better jobs outlook were making Geelong a desirable place for buyers.

Mr White said that was also pushing more vendors to sell by auction.

“When demand is up, vendors are more encouraged to auction because they may get more than they anticipate,” he said

“I’ve been very encouraged by the results,” he said. “It is really a sign of how the market is going in Geelong.”

“I know so many people who are now commuting from Geelong to Melbourne because they can do, particularly by train.”

CORELOGIC COMMENTATOR GEOFF WHITE