East is least keen to sell

Geelong’s most affordable suburbs are also the most tightly held

NEW figures have busted the myth that Geelong’s most exclusive real estate pockets are found in the dearest suburbs.

Analysis of CoreLogic data on the number of houses sold across the region in the 12 months to April reveals that some of the city’s cheapest suburbs are actually the most tightly held.

A group of emerging property hot spots in Geelong’s east are some of the hardest to break into for buyers as homeowners hold on, analysis of the data reveals.

Whittington takes the position as Geelong’s most tightlyheld pocket, where 3.8 per cent of houses were sold in the suburb.

Newcomb, Geelong, North Geelong, Waurn Ponds and Bell Park were the next five most tightly held suburbs, where less than 5 per cent of houses were sold in the year.

The analysis looked at sub- urbs with more than 1000 homes, as smaller suburbs with fewer dwellings produced wildly varying results.

But of the suburbs with fewer dwellings, South Geelong had the lowest turnover with 13 sales equalling 2.7 per cent of 488 houses.

At the other end of the scale, Mt Duneed had 15 per cent turnover of 490 houses.

The suburbs with the highest percentage of sales was Armstrong Creek, where 13 per cent of houses had sold, while more owners went to market in Norlane, Belmont, Leopold, Herne Hill and Corio.

Homeowners in Whittington sell after every 10 years on average, CoreLogic data shows. But in the past 12 months the number of sellers dropped 10 per cent despite house prices rising 15 per cent.

The capital growth is better in Newcomb, where the median price jumped 28 per cent to $403,000.

Buxton, East Geelong agent Damian Mahoney put the tight conditions down to the long-term ownership of many original residents.

“You’ll find in Newcomb and the part of Whittington near the Gordon TAFE there are families that have been in those areas that are the original owners,” he said.

“That’s why it’s tightly held and why when they do come on the market they are snapped up.”

Mr Mahoney said the suburbs were close to Geelong’s CBD and local shopping and schools, while it was also two minutes to South Geelong train station.

Ray White, Geelong agent Laurie McGovan said while people had put roots down in areas like Newcomb and Whittington, homeowners were climbing the property ladder in the city’s growth areas.

“Armstrong Creek has been a real ‘get-into-the-market’ area,” he said.

“There are a lot of houses that aren’t that big and they’re probably moving up.”

The suburb’s shopping centre and school was now supporting more residents, while 4 per cent capital growth was helping the upsizing in Armstrong Creek.

The towns of Point Lonsdale and Anglesea had the region’s most tightly held markets, with just 3.5 per cent of houses selling. Jan Juc and Lorne also had a low turnover of properties, with 3.6 per cent and 3.8 per cent respectively.