Ocean Grove’s property sales top regional Victoria

Buyers have spent up big in a Bellarine Peninsula hotspot that’s recorded regional Victoria’s highest total value of sales. Find out which other Geelong locations made the list.

Nicole Mayne

2 min read

December 16, 2020 - 12:00AM

Geelong Advertiser

Former Melburnians Grace Moloney and Patrick Dunne have recently moved to Ocean Grove with nine-month-old son Oscar after buying their first home. Picture: Glenn Ferguson

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Ocean Grove has been singled out as the hottest real estate market in regional Victoria, with more than $350m worth of property changing hands in a year.

The in-demand coastal town topped the table for the highest total value of sales in both house and unit categories in CoreLogic’s latest Best of the Best report.

The Geelong region dominated the list of the top five suburbs where buyers spent up big in the 12 months to September.

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Key takeaways from the regional Australia report

Torquay and Highton came in second and third for total value of house sales, ahead of Warrnambool and Mildura.

CoreLogic’s data shows buyers forked out more than $304m on 356 homes and another $54m on 77 units in Ocean Grove.

Rising demand saw the town’s median house value climb 8.3 per cent over the year, hitting $814,035 in September.

RT Egdar, Ocean Grove agent Brock Grainger said the rise in sale volumes and values had stepped up another a gear since coronavirus restrictions eased.

Buyers pounced on this striking house at 11 Asbury Street West, Ocean Grove, which sold in September for $2.2m after just one week.

This beachfront house at 58-60 Hodgson Street, Ocean Grove is selling with price hopes of $6.7m-$7.37m.

He said anything under $1m was “red hot” as buyers competed for a slice of Ocean Grove’s coastal lifestyle.

“When the ring of steel was up there was a lot of local and regional buyers pushing prices up with the fear of Melbourne coming down,” Mr Grainger said.

“Obviously there were some that sold via FaceTime but as soon as the ring of steel came down we have really seen increased buyers out of Melbourne trying to secure properties.”

Ocean Grove newcomers Grace Moloney and Patrick Dunne wanted to raise their nine-month-old son Oscar by the coast. Picture: Glenn Ferguson

New arrivals Patrick Dunne and his wife, Grace Moloney, couldn’t be happier with the recent purchase of their first home in Ocean Grove after several years renting in Melbourne.

The ability to work from home made it possible for the couple and their nine-month-old son, Oscar, to finally make the move last week.

“We used to holiday down in Ocean Grove, our friends had a house so we stayed there, and absolutely loved it,” Mr Dunne said.

“It’s like a dream come true.

“The people in our court had a Christmas party on the weekend and everyone is so friendly. It’s that sense of community that we wanted for Oscar.”

Melbourne couple Andrea and James King and their children Tommy and Samantha are moving to Highton after beating strong competition at auction on Saturday.

The family paid $1.365m for these views from 25 Culzean Crescent, Highton.

The exodus from Melbourne also spurred big spending in Torquay, where house sales hit $252m, and Highton, which racked up $217m in sales.

Hayeswinckle, Highton agent Michelle Winckle said a lot more homes were selling above $1m in Highton.

“I would actually say there has been less sales but better quality homes,” Ms Winckle said.

CoreLogic head of residential research Eliza Owen said the Greater Geelong region was Victoria’s best performer for 10-year annualised growth.

“The fact Geelong can offer a coastal lifestyle, relative affordability and it’s had some spillover of demand from Melbourne as the city has become less affordable over time is something that supports growth in these suburbs,” Ms Owen said.

HIGHEST TOTAL VALUES OF SALES

HOUSES

1. Ocean Grove – $304,647,527 (356 sales)

2. Torquay – $252,268,274 (265)

3. Highton – $217,143,756 (284)

4. Warrnambool – $210,573,131 (486)

5. Mildura – $203,915,965 (592)

UNITS

1. Ocean Grove – $53,956,100 (77 sales)

2. Geelong – $45,861,379 (57)

3. Warrnambool – $42,332,486 (1126)

4. Belmont – $36,391,875 (78)