Buyers heed call of sea, trees
COAST & COUNTRY LEAD SURGE IN MEDIAN PRICES
ALMOST two-thirds of Geelong region suburbs and towns have doubled in median house price in the past decade, data reveals.
The PropTrack figures show that sea and tree-change places enjoyed the best growth, while values also doubled in up-and-coming suburbs around Geelong.
Inverleigh, 20 minutes west of Geelong, had the biggest change as the median price soared almost quadrupled from $315,000 in 2012 to $1.215m.
Aireys Inlet and Armstrong Creek also climbed more than 200 per cent, the latter reflecting the enormous development that has transformed the suburb in the decade, taking the median price from $204,000 to $691,000.
Several Geelong suburbs hit million-dollar median prices as a result of the growth, with South Geelong, Rippleside and Newtown smashing seven figures.
A key driver of the growth has been booming population growth, with the latest Australian Bureau of Statistics data showing Geelong’s population increased by 7157 per year during the pandemic, which compared with the long-term average of 5000 people per year.
Hodges Geelong West agent Marcus Falconer said more people realising the benefits of Geelong was being reflected in rising values.
“The key drivers a large supply of private schooling and the lifestyle amenity which is available,” Mr Falconer said.
“People are realising just how good a place Geelong is to live.”
The primary demand comes from people leaving Melbourne, Sydney and Brisbane, he said.
“But you’re also seeing an emerging trend of people returning from Asia and Europe who have been over there working for 10 years and beyond,” Mr Falconer said.
An increase in renovations also contributed to rising prices, especially in up-andcoming areas such as Herne Hill and Newcomb, which have experienced unprecedented growth.
“People aren’t as suburbcentric as they used to be,” Mr Falconer said.
“People are more driven by amenities and ‘heads and beds’ and block size, and I think people are being a lot more flexible about the areas they are turning to.
“More important is the type of home and what you’re after, so servicing that need instead of needing to be in Geelong West or Drumcondra.”
Inverleigh’s attractions were the large land parcels and the sense of community, Gartland Geelong agent Michael Tricarico said.
“You can go to Inverleigh and get 2.5 acres, or an acre block as a minimum, and you’ve got that sense of community,” Mr Tricarico said.
“In the main street you’ve got the bakery, a couple of
cafes, the pub and the general store, so a lot of people talk about the community feel.
“And there is a lot of young people out there – I sold a house to a couple with two young kids last year and I was talking to them last week and it was something they didn’t realise.”
He said all walks of life were keen on the lifestyle opportunities, including firsthome buyers, retirees and families with teenagers.