Geelong property costs have defied gloomy predictions six months in to the coronavirus pandemic.
New information exhibits the exceptional resilience of the area’s home market to the financial downturn ensuing from restrictions to take care of the well being disaster.
Home costs throughout Better Geelong rose 4.8 per cent over 12 months to $595,000, the Actual Property of Victoria’s September quarter information exhibits.
Over the quarter, the median worth elevated 1.7 per cent, in comparison with a 1.7 per cent fall in Melbourne.
Brilliant spots included Newtown and Belmont the place the median home worth is greater than 10 per cent larger than the identical time final yr.
Newtown climbed 1.4 per cent in three months to $910,000, whereas a 3.8 per cent rise within the quarter noticed Belmont’s median hit $602,000.
Different suburbs to see an increase of greater than 10 per cent within the yr included East Geelong, Newcomb, Geelong and North Geelong, with Anglesea and Bannockburn brilliant spots additional afield.
Nonetheless the REIV stated it tracked lower than 50 gross sales in 12 months in these suburbs.
Barwon Heads is the area’s costliest market, with a $1.05 million median home worth, as Geelong took six of regional Victoria’s 10 dearest suburbs or cities.
Buxton, Highton agent Tony Moorfoot stated the affect of Melbourne consumers had elevated competitors with native consumers through the lockdown.
“It doesn’t shock to see these median costs going up, as a result of the inflow of individuals wanting to return to Geelong,” he stated.
“You will get greater blocks, higher costs, extra bang to your buck and only a higher life-style with change in your pocket.”
Mr Moorfoot stated householders had turn into accustomed to promoting through the pandemic, with extra properties listed through the second lockdown.
“Folks noticed the market was nonetheless turning over, that individuals have been nonetheless comfortable to purchase, so the second time spherical they’re simply pushing by way of,” he stated.
Hodges, Geelong West agent Marcus Falconer stated property inside a 5 to 10km ring across the metropolis was extremely standard, as first-home consumers, individuals relocating to the world and downsizers drive the market.
“Geelong has by no means been extra on the map than what it has been for a really very long time,” he stated.
“We’re seeing an unbelievable quantity of people that have re-evaluated their lives and might now work remotely both completely or on a 50-50 foundation and so they’re saying I’ll take the affordability and the amenity and the life-style of Geelong over the Melbourne CBD any day.”
Mr Falconer stated the scarcity of the property available on the market was prone to proceed, whilst extra individuals are deciding to listing later this yr.
“I believe we’re nonetheless going to see a big scarcity of properties, one of many hostile results of the pandemic is individuals who at present reside right here realise how fortunate we’re.”
SEPTEMBER: GEELONG MEDIAN HOUSE PRICES
Supply: REIV *lower than 50 gross sales recorded in 12 months.