Geelong’s growth star is rising as report shows suburbs set to shine

Geelong is one of the nation’s best future growth prospects amid a recovery in home sales, as a new report reveals which suburbs are the best places to buy now.

27 Mulberry St, Armstrong Creek, is listed for $729,000 to $769,000 price hopes.

Geelong is one of the nation’s best future growth prospects amid a recovery in home sales, a new report reveals.

Hotspotting founder Terry Ryder named Greater Geelong the third highest among the top 10 “national growth stars” in the Winter 2023 Price Predictor Index.

Mr Ryder uses sustained trends in quarterly sales volumes to predict future price growth.

Suburbs where the number of sales consistently rises means house prices should follow.

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Armstrong Creek, Charlemont and central Geelong were rising, according to the report, but a recovery in other areas coupled with a large area where trends remain consistent or have plateaued, means a majority of suburbs are showing positive signs.

“Geelong is just remarkably strong, as is Ballarat,” Mr Ryder said.

With proximity to Melbourne as well as strong economies in their own right, Mr Ryder said the cities had strong prospects going forward.

Geelong’s economic transition continues to produce dividends for homebuyers. Picture: Supplied

“Geelong has transitioned very well from a big car production workforce and a smokestack industries city to now having health and education and IT,” Mr Ryder said.

“It’s a property market that refuses to give up. It looks like it’s reached its peak and then it has another surge.”

The Armstrong Creek development corridor is a growing facet of that success, offering buyers comprehensive amenities locally as well as proximity to jobs in Geelong and easy access to lifestyle pursuits on the Bellarine Peninsula and Surf Coast.

“It has relatively modern homes at five to 10 years old, so it’s young enough to still offer low maintenance and affordable houses.”

Hotspotting managing director Terry Ryder.

Urban Geelong showed the most positive signs, with inner areas such as East Geelong, Geelong West and Newtown among the most consistent.

And sellers are bouncing back after prices peaked in coastal towns such as Point Lonsdale, Ocean Grove and Torquay.

Maxwell Collins, Geelong director Nick Lord said properties going on the market were gaining a healthy level of interest, as properties that meet with the market’s price expectations selling quickly.

15 Hangar Dr, Mount Duneed sold midway through its $825,000 to $875,000 price guide after two weeks on the market.

“If we look in the short to medium term, inner city areas traditionally are in high demand, so you’ll see Geelong West, East Geelong and Newtown will always improve and good properties in good areas always sell very well,” he said.

“We’ve seen a little bit of a correction in pricing in Armstrong Creek, and I think that’s only short term. But we’ve had three out there recently and they’ve all sold in under a week for healthy prices.”

Opportunity: 174 Yarra St, Geelong, is selling with price hopes from $1.1m to $1.2m.

Mr Lord said although low stock levels helps maintain prices, sellers had to ensure the met the market.

“Buyers are being a little bit cautious, but there’s certainly buyers out there who’ve got their finance and when they see good property at fair value, they’re happy to purchase.

“People always want to upgrade, downsize, move, relocate, so that’s always happening and some people might be a little bit stagnant because they’re concerned about the market, but we’re trying to educate our sellers to see the market is still very good.”

RANKINGS:

(median house price and unit price where marked)

Rising - Armstrong Creek ($710k), Charlemont ($630k), Geelong ($920k, units: $695k)

Consistency - Barwon Heads ($1.85m), Bell Post Hill ($660k), Colac ($495k), East Geelong ($830k), Leopold ($705k), Mount Duneed ($750K), Newcomb ($600k), Newtown ($1.28m, units: $600K), St Albans Park ($630)

Plateaued - Bannockburn ($720k), Bell Park ($640), Belmont ($730k, units: $540k), Corio ($520k), Geelong West ($980K, units: $545k), Hamlyn Heights ($750k, units: $610k), Herne Hill ($725k), Highton ($925k, units: $540K), Whittington ($530K, units: $540K)

Neutral - Indented Head ($910)

Recovering - Clifton Springs ($700k), Drysdale ($715k, units: $570k), Norlane ($465k), Ocean Grove ($1.12m, units: $875k), Point Lonsdale ($1.64m), Portarlington ($935K, units: $670K), St Leonards ($815k), Torquay ($1.36m, units: $900k)

Declining - Apollo Bay (995k), Curlewis ($710k), Grovedale ($695k, units: $525k), Lara ($700k)

Source: Winter Price Predictor Index, Hotspotting

Originally published as Geelong’s growth star is rising as report shows suburbs set to shine