The Geelong market is expected to steadily rise following a very strong performance in 2021.
The region recorded a 33.3 per cent change in median house prices in the 12 months to last December, according to Real Estate Institute of Victoria data.
While the number of Melbourne buyers in Geelong has eased, investors are coming back in full force after a quiet 12-16 months, according to Barry Plant Geelong agent and auctioneer Alycia Maas.
“The end of the lockdowns has made way for investors to return,” she said.
“The market is still tracking really well, with prices continuing to exceed seller expectations by at least $100,000.”
Buyer demand also remains high and is in excess of the number of properties available for sale.
“While seller confidence is rising and we are seeing more properties come to market, there are still more buyers and we are having trouble keeping up with the demand,” Ms Maas said.
“We haven’t seen a drop in prices or action after a booming 2021 and we predict a steady rise, but we will have a better understanding of how the market will perform after the next quarter.”
The private sale campaign is the most common method used by the Barry Plant Geelong office, with houses selling within two to three weeks, and this has been consistent for more than six months.
Ms Maas listed seven properties in the first three weeks of February as compared to just one in January and expects listing numbers to increase rapidly.
A newly listed property at 33 Guthrie Ave, North Geelong, is expected to perform well based on its ‘stunning period home façade’ and location on the fringe of North Geelong and Geelong West..
The three-bedroom Californian bungalow is listed with an $850,000-$900,000 price guide and sits on 463sq m.
“The home has a lot to offer, but it is mostly great value for money,” Ms Maas said.
“It is in an area where the land size is typically 250sq m, so this block is offering a lot more bang for your buck.”
The property has a gorgeous outdoor space, has been beautifully maintained, offers off-street parking, a garage, and is within walking distance of Packington Street, Ms Maas added.
There is a $277,000 price difference between North Geelong and Geelong West median prices for a three-bedroom home.
The location of Guthrie Ave is on the fringe of both suburbs, yet offers a reasonable price point in comparison to properties a few streets away.