Good vibes are resonating through the Bellarine Peninsula market as buyers bounce back in a post-COVID recovery.
Momentum has continued into the new year, after the region was reported one of the nation’s top auction performers in the final quarter of 2020.
Strong interest in the Geelong housing market is pushing the median home value three times faster than that of Melbourne, according to CoreLogic data.
It is the strongest real estate market the region has seen in 20 years, according to Barry Plant Geelong sales director Tim Palioudis.
“The current state of the market is very healthy and the last four months of results prove that,” he said.
“I’ve never seen this much movement in the market, buyers are hungry and competition is vast.”
Mr Palioudis said buyer confidence has been restored and they are out in full force.
“Appetite from Melbourne is very strong, but local buyers are still the majority,” he said.
“Melbourne’s influence is pushing up prices, we are seeing record results and properties are selling a lot quicker.”
The number of people searching online for many Geelong suburbs is up and well above the state average with 1597 visits per property, according to data by realestate.com.au.
Meanwhile, off-market sales are becoming more prevalent, according to Barry Plant Geelong sales agent Alycia Maas.
“The last three months we have sold properties before putting a board up or listing the property online - and this isn’t something we did a lot,” she said.
“But we have been able to achieve good results for our sellers.”
Ms Maas said she has never seen property so “hotly contested” in her 13-year career.
“There is extreme buyer demand, we are seeing multiple offers per property and competition for each one,” she said.
“Melbourne buyers are seeing Geelong real estate to be a lot more affordable and are reassessing their personal situations and what they want out of life – and that’s lifestyle.”