Why prices rise in east
Location, value lure buyers
EAST Geelong is one of the most in-demand suburbs of the nation as the property market in regional Victoria remains strong.
Realestate.com.au has released its Property Outlook report and it puts East Geelong as the eighth most in-demand Australian suburb with 5169 property views per listing.
The report confirms Australia is suffering a housing downturn but year-on-year declines in Melbourne and Sydney are far less severe than some reports.
Realestate.com.au chief economist Nerida Conisbee said that Melbourne might be seeing a slight price decline (-1.5 per cent) but regional Victoria was booming.
“Ballarat, Geelong and Latrobe Gippsland are currently the strongest regional areas in Australia,” Ms Conisbee said.
The report shows the median dwelling price in Geelong had a 5.6 per cent yearon-year change to $538,500.
Buxton agent Jarrod Leonard said he was not surprised about the demand in East Geelong.
“There is still value for money to be had there on beautiful period homes on good-sized allotments that people love,” he said. “It is still undervalued compared to a sister suburb like Geelong West. There are an enormous number of renovations and extensions happening.”
He said being near Eastern Gardens and the CBD was a huge drawcard for East Geelong.
A family home close to Eastern Gardens at 305 Myers St, East Geelong is for sale through Mr Leonard.
The three-bedroom house has three separate living areas as well as a large outdoor covered entertainment area.
Price hopes are between $880,000 and $950,000.