HOMEBUYERS CHOOSE US OVER MELB

Young Melbourne homebuyers turning attention to Geelong

MORE young homebuyers are choosing Geelong over Melbourne’s outer suburbs, prepared to take on the commute for a better lifestyle.

Geelong West won a battle with Frankston South for a young Melbourne couple who secured the renovated threebedroom house at 20 Albert St, Geelong West, at auction on Saturday for $730,000.

McGrath, Geelong agent Will Ainsworth said the couple was one of three bidders for the house, which had been listed with price expectations of $600,000 to $660,000.

The house is less than 200m from the Pakington St retail strip and its prized coffee shops, eateries and shopping, but perhaps more importantly for the buyers is walking distance to Geelong train station.

“The young couple who bought it are moving down from Melbourne,” Mr Ainsworth said. “They had been looking in Frankston South and Geelong West.”

Mr Ainsworth said while Frankston had direct access to the bay, Geelong West’s Pakington St shopping strip would far outweigh any amenity offered on the opposite side of the bay.

“This property in particular is 150m to Pakington St. You look at all the prices and as you draw closer (to Pakington St), they go up.”

Frankston South is Frankston’s more ritzy Mornington Peninsula neighbour with a median house price of $724,000, CoreLogic data shows.

Houses in Frankston South are more reminiscent of properties found in Highton with single and double-storey houses dating from the 1970s to the 2010s, and are built on larger, elevated blocks. But it doesn’t offer Pako’s inner city feel, with the closest shopping strip in Frankston’s central business district.

Frankston South is closer to Melbourne by road but for train commuters a trip from Frankston station into the city is on a par with a V/Line jour- ney between Geelong and Southern Cross.

CoreLogic data shows Geelong West is ahead on capital growth though, with prices rising 20 per cent to $596,000 this year, compared to a 15 per cent increase in house prices in Frankston South.

Mr Ainsworth said the underbidder was a Melbourne bidder, while another young couple from up the Princes Freeway also missed out in the bidding.

There were 28 auctions scheduled around Geelong at the weekend. With 23 of the results in, CoreLogic put the clearance rate at 78 per cent.