Ocean Grove sales boom

A BOOMING coastal town was the Geelong region’s busiest property market in 2021 as buyers flocked to lifestyle locations.

Ocean Grove recorded the highest volume of sales of any suburb, with 405 houses changing hands. Data from REA Group’s PropTrack reveals a surge in the number of homes traded in a number of top-selling locations.

Sales volumes rose more than a third in Highton, Armstrong Creek and Corio during the year.

But while some vendors seized the chance to cash in on record price growth, shortage of stock in the Covid pandemic hampered other markets.

Sales in Lorne plummeted 30 per cent as holiday home owners opted to spend more time on the coast.

Great Ocean Road Real Estate, Lorne, agent Ian Stewart said his office was heading into summer with the lowest stock for a number of years.

“Sales are down mainly because stock numbers are down and I think people are really thinking that there is an alternate to living and working in the city,” Mr Stewart said.

“They’re hanging on to what they’ve got and shuffling their lives around to make the most of what they have got to suit the new lives that we’ve sort of been educated to lead.

“A great testament to that is through the winter months down here your local pharmacy, gift shop, the supermarket would have had their best winter trade for years because more and more people were calling Lorne home.”

Desire for a coastal lifestyle and the continued growth of new estates fuelled the buying frenzy in Ocean Grove.

Fletchers Bellarine agent Liam Rock said homes were selling quicker than at any previous time.

“Everyone’s sales volumes has probably gone up, so I think if you speak to most agents in Ocean Grove they would probably say they have had their best year ever based on sale prices,” Mr Rock said.

“There’s also been a big jump in volume just because of the town growing with Kingston, Kingston Coast and Oakdene, which are going ahead really well.”

Stockdale & Leggo Belmont agent Laura Berry said demand was also rising in Armstrong Creek, where the number of sales increased from 188 to 288 this year.

“I think with the infrastructure and open parklands and established areas, for a young suburb Armstrong Creek is definitely representing excellent buying for those groups that have perhaps been in a tougher lockdown like Melbourne,” Ms Berry said.

“They are looking for that open space combined with lifestyle, nice new homes and great buying.

“I would say it’s definitely on the rise.”

She said quality schooling was a big drawcard in Highton, which had become more like an inner-city suburb with Geelong’s growth.