Hitting heights in Highton
SCHOOLS DRIVE POPULARITY
HOMEBUYERS are fighting to get into Highton and East Geelong, which have been named among regional Australia’s most in-demand suburbs.
Serious buyers are flocking to the popular lifestyle locations, with access to quality schools helping spur unprecedented competition during the coronavirus pandemic.
PropTrack’s latest Regional Australia Report ranks Highton in the top 10 regional suburbs with the most highly engaged prospective buyers.
East Geelong was also a clear favourite, recording one of the highest number of serious buyers per listing as demand heavily outstripped supply.
The report shows increased demand had 19 per cent of Geelong properties sell for more than 10 per cent above the list price.
The region was the third mostsearched by househunters nationally.
Hodges, Geelong West agent Marcus Falconer said vendors were typically dealing with between five and seven serious buyers in Highton and East Geelong.
“In Highton one of the key drivers has been schooling and people returning to send their kids locally, primarily from Melbourne,” he said.
“Supply has stepped up recently but so has demand.
“The real trend at the moment is you are starting to see people who have sold in the last four to six weeks enter the market now they’ve got their deal.
“We’re basically entering the Christmas rush of people wanting to secure a position for their kids and effectively beat the enrolment deadline.”
McGrath, Geelong agent David Cortous said competition for limited stock in East Geelong had produced record prices this year.
“East Geelong is attractive because it’s right next to the CBD, walking distance to the hospital precinct and, of course, the period style homes throughout,” he said.
“It’s ideal for anyone’s lifestyle, and the period style homes are the ones that seem to keep performing.”
Report author PropTrack senior
economist Eleanor Creagh said the upswing in Geelong reflected the boom in Australia’s regional housing market, which is rising at its fastest annual pace in more than 35 years.
Ms Creagh said Geelong was a prime contender for buyers looking to maintain hybrid work arrangements.
“Something that really stood out when we analyse the prospective buyer activity is the rise of commutable lifestyle hubs and the fact that buyers are really looking for places that are still relatively close to major capital and CBDs, and Geelong almost has a CBD in its own right,” she said.
“It really is that pursuit of lifestyle and the hunt for the best of both worlds.”
Geelong ring road access has been a big advantage for Highton couple Ian and Eva Skeet who moved to the suburb 22 years ago because of its schools.
They are taking their updated 1930s bungalow at 34 North Valley Rd to auction on December 4.
“Highton Village is obviously a big, big plus and as time evolved it’s become more like an inner city suburb as Geelong has spread out,” Mr Skeet said.