The value of homes in at least 13 suburbs in and around the Geelong region increased in the three months to October, according to the latest realestate.com.au data from PropTrack.
In East Geelong, a typical house is now valued at $962,871 after rising 2.5 per cent, while in Geelong, a 1.44 per cent hike pushed the value up to $1.095 million. And in Geelong West, the value jumped 2.08 per cent to $1.011 million.
Along the coast, house values in Aireys Inlet and Barwon Heads rose by 0.22 per cent each to $1.87 million and $1.92 million respectively.
Barry Plant Geelong sales director Tim Palioudis said buyers were attracted to the region because there was not much traffic, they loved the facilities in Geelong, and it was so close to beautiful beaches.
However, despite its popularity, the region’s market cooled significantly in the last four months, he added.
“I reckon we’ve had a 30 per cent slowdown … especially with the recent interest rate rises,” Mr Palioudis said.
“There are still people moving from Melbourne but everything has dropped off from where it was six to 12 months ago.”
He said Geelong’s growth areas were “still travelling ok” and noted the “highest performing area in Geelong this year was Curlewis.
Mr Palioudis added that rental properties continued to perform well with vacancy rates “near zero”.
The realestate.com.au data also revealed the suburbs where property values decreased in the three-month period.
They included North Geelong, where house values declined by 4.51 per cent and Geelong West, where unit values dropped 4.96 per cent.
However, it is important to note that both suburbs experienced exponential growth in the past year - increasing 7.22 per cent and 8.4 per cent in the 12 months to October 2022 respectively.
Barry Plant’s Geelong team have a wealth of experience buying, selling and investing in the greater Geelong region. Looking to list, rent or purchase? Get in touch today.