Buyer inquiries spike for Geelong property as the ring of steel falls
The fall of Melbourne’s ring of steel has released a torrent of hopeful buyers, with inquiries for Geelong property rising as much as 60 per cent in a week.
Inquiries for Geelong property have spiked after the ring of steel was removed around Melbourne, allowing people to travel freely into regional Victoria.
Agents noticed an immediate jump in calls and emails for properties as Melbourne residents gained freedom of movement, with one reporting inquiries were up 60 per cent, as potential buyers put in play plans to leave the capital city as a result of the pandemic.
Hodges, Geelong West agent Marcus Falconer said it showed the demand for Geelong’s lifestyle had not diminished as Victoria’s second COVID wave dissipated.
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“It’s been incredibly busy. I would say up to a 60 per cent increase in inquiry since the start of the week,” he said.
“We’re certainly seeing an amazing amount of people have had an incredible amount of time to stop, think and adjust their expectations to what they want in life.
“The one thing that we’re seeing coming out of that is how many people have turned around and are choosing Geelong as a better spot to live their life, away from the hustle and bustle and with still all the amenity that they would want.”
Agents say the time spent at inspections was returning close to normal, though open homes were still banned.
, agents can hold private inspections for up to 10 people from different households.
There’s also been a boost in property on the market, with 276 new listings across the region this week.
Ray White, Lara agent Terry Cleary said inquiry from Melbourne’s western suburbs had built during the lockdown.
“We were constantly getting inquiry from outside the area to the point where we’ve sold seven properties to people who have not stepped inside them,” he said.
“We’ve always had good inquiry, but we can go to the next level and actually show people through.”
Mr Cleary said virtual inspections averaging 25 to 35 minutes gave people confidence to make offers, while physical inspections had not gone as long.
Investors have also joined the property search, keen to buy into a growing market.
Geelong’s median house price reached $615,000 in November, with realestate.com.au data showing a 5 per cent increase in the past three months.
Barry Plant, Highton agent Kieron Hunter said people could see the blue skies over the market with interest rates again hitting record lows.
“There is certainly a lot of investment activity to from Melbourne, which is reminiscent of 2017-18,” Mr Hunter said.
“The Melbourne buyers are in the mix with everything at the higher end, but they’re getting involved in more of the entry level Belmont properties also.”
Whitford, Newtown agent Peter Fort said COVID has created a backlog of buyers from Melbourne across the board.
“Especially for that middle market. The $300,000 to $700,000 price range, on the properties that I have, I’ve noticed the inquiry has been from investors as well as occupiers.”
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Originally published as Buyer inquiries spike for Geelong property as the ring of steel falls