HOLDING STRONG
City weathers downturn
GEELONG’S property boom might be over but it’s not all gloom and doom ahead.
The latest realestate.com.au property outlook, released yesterday, shows house prices in the region softened 0.4 per cent in the past quarter.
But, like much of regional Victoria, the city is weathering the downturn better than Melbourne. Prices are still up 1.4 per cent on this time last year, compared with the capital where values have slipped 4.1 per cent.
The median dwelling price in Geelong is now $545,700.
Realestate.com.au chief economist Nerida Conisbee said that while the Geelong market was cooling, the promise of a fast rail link to Melbourne could be a gamechanger.
She tipped slashing commuting times to 32 minutes would lead to increased buyer demand across the region.
“The biggest impact for people moving to Geelong is the travel time to Melbourne,” Ms Conisbee said.
“The proposal to slash that travel time — it’s astounding what that can do to demand.”
She pointed to the announcement of West Sydney Airport as an example of an infrastructure project leading to a big jump in house prices.
“At the moment (the Geelong market) is slowing and it’s more an indication of the national market and the way people are feeling,” Ms Conisbee said.
“I think people are a little bit nervous and are just waiting for the federal election.
“It is not necessarily a sense of things to come over the next few years.”
She said areas of regional Victoria that continued to perform well were those with an easy commute to Melbourne.
The affordable Latrobe region of Gippsland was identified in the property outlook as one area that bucked the trend of sliding house price.
It recorded modest 0.2 per cent growth in the past quarter. NEIGHBOURS lining up for a peek at properties selling in their own street is nothing out of the ordinary.
But the amount of local interest has hit unusually high levels for a luxury townhouse just listed in a bayside Geelong location that often flies under the radar.
Those in the know clearly recognise they’re on to a good thing with York St, where demand for high-end properties is strong.
The secluded street, just a block back from Corio Bay, between Western Beach Rd and the Princes Highway, is home to a series of modern developments that appeal to the downsizer market.
The three-storey townhouse with water views and an internal lift at 2/3 York St, Geelong, comes with a price range of $1.3 million to $1.4 million.
Gartland Property, Geelong agent Nathan Ashton said people already living nearby could be among serious buyers at the April 27 auction.
“I would not be surprised if it sells to someone in that street,” Mr Ashton said.
“It’s such a testament to the area, they want to stay and they don’t have many options.”
He said the quality townhouse offered open-plan living, a bedroom on each of the three levels and rear access to a double garage.
McGrath, Geelong agent David Cortous, who’s selling a three-bedroom townhouse at 1/11 York St, said the lockup and leave lifestyle was the big attraction.
Residents can walk to the waterfront or across the footbridge to Pakington St’s cafes.
“There are a lot of owneroccupiers buying in there, professionals and downsizers,” Mr Cortous said.
“There are some beautiful bay views.”