Gee­long still a hot market

Spring fever high amid in­flux of prop­er­ties

Geelong Advertiser - - NEWS - TESSA HAY­WARD

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,

IN­SIDE TO­DAY

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.

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