Revealed: Geelong suburbs giving buyers the best affordable options

The reality of falling stock levels is driving competition for homes, but exclusive analysis reveals the Geelong suburbs offering the best affordable opportunities for buyers.

Jane Clements' is selling her home in Armstrong Creek which is one of the Geelong suburbs with highest proportion of homes on the market.

Homebuyers are feeling the squeeze from falling stock levels, but it’s still possible to find Geelong suburbs with plenty of affordable options.

The Advertiser can reveal the suburbs that give buyers the best chance to break into the market.

The growth suburbs of Curlewis, Armstrong Creek, Mount Duneed, Charlemont and Ocean Grove offered the best chance for buyers.

A mix of buyers have been keen to get into the Curlewis market on the shore of Corio Bay.

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But buying in South Geelong, East Geelong and Newcomb will prove more difficult, with only a handful of homes on the market at any time.

The information is from the exclusive Aussie Home Loans analysis of CoreLogic data calculating the proportion of properties on the market in every suburb throughout 2020.

New listing at 2 Yellow Gum Way, Mount Duneed.

The report found 5.8 per cent of existing housing stock was on the market across City of Greater Geelong in 2020, with popular suburbs like Belmont, Highton, and Newtown showing similar stock levels.

But it’s much tighter in Geelong West (4.8 per cent), East Geelong (3.1 per cent) and in South Geelong (2.9 per cent).

Buxton agent Tony Moorfoot said buyers facing steep competition to purchase in their favourite suburbs always had the option to look elsewhere.

81 Coastside Drive, Armstrong Creek is listed with a $585,000 to $625,000 price guide.

“If you go to Highton or Belmont, there are multiple people fighting for homes coming on because they are suburbs more people want to live in,” he said.

“It comes back to supply and demand — there are a lot more buyers in those suburbs than houses available, therefore it becomes a seller’s market.

“Is it a better option to go to the Bellarine or to Armstrong Creek and Mount Duneed to find something? You will still have competition, but it won’t be as much as it would in the inner city suburbs.”

Competition is higher in suburbs like Highton and Belmont. Picture: Jay Town

Armstrong Creek resident Jane Clements looked to the suburb as the best chance buy her first home.

After almost five years, Ms Clements is selling to relocate to Belmont or Highton, to be closer to her children’s schools.

“It was a great entry for me to get into the real estate market and own my first home,” she said.

“It was a really good market to get into back then because back then there was no shops, no schools, nothing.

Armstrong Creek was a great entry for Jane Clements to get into the real estate market and own her first home' home.

“So we didn’t really have much competition. Now people are wanting to come out here.

“It’s a really nice place to live, it’s just the location is not right for our circumstances.”

Hayeswinckle, Drysdale agent Janet Atkins said a lot of first-home buyers were upgrading in Curlewis, bringing more homes on the market.

“Everyone want to be down here for some reason — it’s the proximity to the bay, the walking tracks, the rail trail, the boat ramp, the beaches, the proximity to Ocean Grove surf beaches and the ferry service.”

This home at 8 Verner Street, South Geelong goes to auction on Saturday, one of three on the market. But for much of last year, homes in the suburb sold one at a time.

Aussie Home Loans chief executive James Symond said as Geelong faced the lowest stock levels in years, hopeful buyers needed to understand their financial position and what they were comfortable paying to purchase a home.

“People need to think outside the square. People need to look at other areas,” Mr Symond said.

“There’s a thing called compromise – I can’t have a dream home, so what’s the next best that is a bit more about compromise bit gets me into the market place.”

East Geelong is one of the tightest property markets. The house at 11 Philpott Street has just been listed for auction on March 13.

GEELONG SUBURBS RANKED BY % STOCK LISTED FOR SALE IN 2020

Suburb % of housing stock on the market 2020 Median dwelling value

Curlewis 9.7% $589,991

Armstrong Creek 9.4% $607,233

Mount Duneed 9.4% $607,473

Ocean Grove 8.1% $827,868

Charlemont 8% $540,994

St Leonards 7.9% $593,471

Marshall 7.6% $509,205

Leopold 7.3% $552,545

Lovely Banks 7.2% $455,638

Drysdale 7.1% $587,808

Clifton Springs 6.9% $547,179

Portarlington 6.4% $678,712

Wandana Heights 6.2% $794,313

Hamlyn Heights 6.0% $576,273

Lara 5.7% $578,794

Barwon Heads 5.6% $1,006,682

Highton 5.6% $724,547

Belmont 5.5% $569,966

North Geelong 5.4% $545,637

Newtown 5.3% $897,928

Bell Park 5.2% $498,935

Norlane 5.1% $368,773

Corio 5.1% $380,035

Manifold Heights 5.1% $696,451

Indented Head 5.0% $684,184

Grovedale 4.9% $554,344

Geelong West 4.8% $658,892

Thomson 4.7% $569,132

Bell Post Hill 4.6% $497,936

Geelong 4.6% $667,055

Waurn Ponds 4.6% $638,458

Herne Hill 4.6% $627,448

Newcomb 4.4% $470,994

St Albans Park 4.0% $423,412

Whittington 3.7% $403,592

East Geelong 3.1% $666,140

South Geelong 2.9% $651,289

Breakwater 2.7% $522,226

Source: Aussie Home Loans Buyer Opportunity Report.