Located 65km southwest of Melbourne, the city is among Victoria’s regional areas where property prices are getting cheaper.

The overall median house price across regional Victoria dropped 4.6 per cent to $560,000 over the March quarter, down 4.3 per cent in the 12 months to March, Domain data shows.

In Geelong, the median price fell 2.1 per cent, while in the regional cities of Ballarat and Bendigo, it dipped 3.6 per cent and 1.8 per cent respectively.

There are more opportunities for buyers in Geelong now compared to the past few years, according to a Barry Plant Geelong Director.

“Prices have now dropped in the area, giving buyers more of a chance to purchase a home here and to enjoy the lifestyle,” he said.

Buyers were attracted to the affordability and diverse supply of properties for sale, including first-home buyers, young families, downsizers and retirees.

First-home buyers who had been searching for a property for the past six months snapped up a three-bedroom house on 2000sq m at 269 Plantation Road, Corio, pictured below, for $1.1 million.

The rare development opportunity with approved plans and permits for a three-lot subdivision was an exceptional find and attracted strong interest, according to the Barry Plant Director.

“We sold it in two weeks for well over the vendor’s expectations, which were around $900,000,” he said.

“The size of the house and land attracted buyers, including some investors.”

First-home buyers splash seven-figure sum on Corio offering

At a lower price point, a three-bedroom house at 4 Cathcart Court, Corio, pictured below, sold to a first-home buyer for $490,000.

The entry-level property also includes a bungalow in the backyard and is in a convenient location near Corio Village shops, school and public transport.

“It’s also within easy access to the Princes Highway, which makes commuting to Melbourne a breeze,” he said.

Attracted to affordability and value, investors living locally and from Melbourne and interstate, also have Geelong on their radar.

“They are well aware of the growth prospects and the viable investments here,” he said.

A three-bedroom house at 35 Kanooka Drive, Corio, pictured below, was on the market for three weeks before it sold to an investor from Sydney for $517,500.

The property was popular with buyers because the house was renovated and in move-in ready condition, he said.

“It is also in a great location near shopping centres, transport, schools, medical facilities and the Geelong Ring Road,” he said.

Properties priced below $700,000 were selling well and quickly, and renovated properties that required little or no work were in hot demand, according to the Director.

“The location here is simply superb, with the Surf Coast and the Geelong CBD just a short drive away,” he added.