Booming Belmont
DEMAND for property in Geelong has increased 53 per cent year-on-year, with a recent report showing Belmont is the suburb most in demand.
Realestate.com’s Property Outlook July 2018 report shows Belmont is also the eighth most in-demand suburb across Victoria for houses and apartments, with 7115 online views per property listing in the past three months.
The report shows that while demand has dropped slightly in Melbourne, regional Victoria is tearing ahead.
Geelong’s 53.9 per cent demand increase, based on property views per listing, is accompanied by a median price increase of 11 per cent to $505,000.
In Melbourne, demand dropped 6.1 per cent and the median price of $653,000 has remained steady.
Buxton agent Ben Riddle said there was a massive misconception that what the Melbourne and Sydney markets were doing could be applied to Geelong.
He said that couldn’t be further from the truth.
“Geelong is a unique market. It is not following Melbourne and Sydney trends,” Mr Riddle said.
“Our demand is increasing, there is a shortage of supply and more and more people are moving to Geelong and looking at it as an investment option.
“Unless there is a real change in interest rates or employment, I think this market will continue at this pace for a couple of years.”
He said Geelong was still well under par when it came to pricing compared with Melbourne.
“As long as that value proposition is here for Geelong real estate, there is another couple of years of double-digit growth,” Mr Riddle said.
Realestate.com chief economist Nerida Conisbee said Geelong was a really hot market at the moment.
“Relative affordability is a big factor and that fact that Geelong and the Surf Coast are highly liveable,” Ms Conisbee said.
“It is driven by Melbourne buyers moving there and property investors … that has flowed through to prices, with in excess of 10 per cent growth in Geelong.”
Ms Conisbee said the strength of the market was apparent with Belmont making the list of most wanted.
Stockdale & Leggo Belmont agent Laura Berry said she could tell from the volume of people visiting the agency’s open homes that the level of inquiry for Belmont was phenomenally high.
“Our database is expanding rapidly, we are getting interest from Sydney and families from outer Melbourne suburbs,” Ms Berry said.
She said properties up for private sale were getting multiple offers above the asking price, and with properties going to auction, potential buyers were trying to secure them before they went under the hammer, or there were multiple bidders on auction day.
A Brisbane family outbid two first-home buyers to secure 37 Walpole Ave, Belmont at auction recently.
The Maxwell Collins Geelong-listed property sold for $492,000, $32,000 above reserve. The buyers plan to use the property as an investment.
Barry Plant Highton agent Ian Nichols said current demand in Belmont was the strongest he had ever seen.
“Buyers are attracted to Bel- mont because of infrastructure, education, the evolution of High St, bigger blocks and character homes,” he said.