Geelong still a hot market
Spring fever high amid influx of properties
EXPERTS say Geelong’s property market is red hot this spring, with more than $600 million worth of homes listed for sale in October.
The figure is $270 million more than in September this year and $150 million more than October last year, according to CoreLogic data.
Listing numbers are also up, with 852 properties listed for sale in October, 499 in September and 745 in October last year.
Local agents say it is typical for there to be more listings in spring, yet quality buyers are still out in force.
Belmont, Highton, Torquay and Ocean Grove are the four Geelong region suburbs that have consistently had the most properties listed in spring this year and last year, and had the most value of properties listed.
About $613 million worth of property was listed in October and about $340 million in September.
REA Group chief economist Nerida Conisbee said Geelong had the strongest market in Australia at the moment. Suburb Torquay Ocean Grove Belmont Highton Corio Lara Grovedale Norlane Leopold Geelong West Listed 55 53 52 50 41 40 35 34 29 28 Value $54.4m $57.7m $28.7m $32.4m $15.8m $25.1m $21m $12.7m $18.8m $22.1m
“In terms of views per listing, it is extremely high. Rental demand is also high and we look at the most clicked properties going to auction,” Ms Conisbee said. “It is certainly a red-hot market at the moment.”
She said even though Geelong was only one hour from Melbourne, the markets were vastly different.
“I’m not surprised we are seeing so many listings in Geelong, especially while the demand is still there,” she said.
Agent Laura Berry, from Stockdale & Leggo, Belmont, said Highton and Belmont had always been on buyers’ radar.
“Now interest is coming from a bit further afield as well, which is exciting for property owners,” Ms Berry said.
“Historically, spring is a great time for people to launch their property on the market.”
She said despite the influx of properties, buyer demand was excellent.
“You don’t want it to dilute the activity, but we are finding there are multiple people looking at opens and there is very strong interest,” she said.
Hodges Geelong West agent Jeff Begg said the volume of buyers looking had slowed down a little bit, but the quality of buyers had increased.
“The buyers we are seeing are really good and our results are staying strong,” Mr Begg said.
“There is a lot of stock to choose from, but it is characteristic of this time of the year.” 188 PAGES OF PROPERTY,
HIGH END: 2 Peary St in Belmont — for sale through Whitford, Newtown with price hopes of $1-$1.1 million — is part of an emerging prestige market in the popular suburb.