Geelong’s cheapest and most expensive streets revealed
From bargain basement to blue chip, new analysis reveals the Geelong streets with the biggest, and smallest, median sale prices.
Big, architectural homes near the Barwon River and a blue ribbon pocket close to prestigious schools are among the factors driving Geelong’s most expensive streets.
New analysis from Ray White Property Economics has revealed the city’s streets with the cheapest and most expensive median home value, based on sales over the past three years.
Newtown’s Virginia St, widely regarded as one of the city’s best residential streets, was the only one with median price exceeding $2m.
The cheapest streets were in the northern suburbs of Norlane and Corio, lead by Bellbird Ave, Norlane with a street median value of $380,000.
A historic five-bedroom Californian bungalow which sold for $5.95m last September is emblematic of the draw of Virginia St, where homes on one side of the street enjoy extra-large blocks. Other homes have sold for more than $3m in the past two years.
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Yemoneit occupies an impressive 2697sq m parcel of land with a tennis court and swimming pool at 51 Virginia St, Newtown.
Buyers plan to splash even more renovating the two-storey bungalow, originally built for Lewis Hirst, the son of woollen manufacturer Godfrey, in 1919.
Virginia St leads seven of the top 10 entries, though the analysis suggests buyers wanting a piece of the action in Newtown’s most exclusive streets often had to settle nearby given the tightly-held nature of the area.
As a result, nearby areas such as Grant St, Upper Skene St and Noble St are near the top of the list.
GEELONG’S MOST EXPENSIVE STREETS
| Street | Median value |
| Virginia St, Newtown | $2.21m |
| Watersedge Tce, Highton | $1.96m |
| Grant St, Newtown | $1.925m |
| Rivergum Dr, Highton | $1.75m |
| Upper Skene St, Newtown | $1.6m |
| Noble St, Newtown | $1.6m |
| Albert St, Geelong West | $1.6m |
| Skene St, Newtown | $1.58m |
| Clarke St, Newtown | $1.5m |
| Aberdeen St, Newtown | $1.5m |
Source: Ray White Property Economics
Whitford, Newtown agent Heidi Trempel said the list didn’t reflect Newtown’s true premium streets, such as Virginia St, Prospect Rd, Retreat Rd and Mercer Parade, as so few homes have come on the market there in recent years.
“At the end of the day that part of Newtown is generational. It’s the kind of streets where a number of houses are coming up because of the generation that’s moving on,” Ms Trempel said.
The suburb’s prestigious college precinct was the number one drawcard for buyers, Ms Trempel said.
The schools precinct contains The Geelong College, Sacred Heart and St Josephs Colleges, coupled with Geelong Grammar School, and Chilwell, St Roberts and Newtown primary schools.
“A lot of people are coming for that premium secondary school experience. The kids get to a certain age and mum and dad don’t want to bus them in, or they’re sick of driving in and out.”
Most families end up staying 15 to 20 years before deciding to move again, she said.
The premium streets of Newtown are renowned for their bigger blocks and period houses.
“Usually being in those streets is something that they’ll aspire to, but more so that the value there holds really well,” she said.
“Anything you throw into that property, they know that you never overcapitalise.”
Highton’s Watersedge Terrace is regarded as one of the suburb’s most exclusive streets, but a clutch of recent sales underlines why.
With a median street value of $1.96m, the Queens Park cul-de-sac hugs a path along the Barwon River, giving direct access to river parkland, McGrath Geelong agent Mergim Ibrahimi said.
He also attributes the work done by architect Zarinan Gurrie and others in creating stunning homes.
Mr Ibrahimi said Watersedge Terrace, and its neighbour Manor Crescent, were tied for Highton’s second-best streets, behind Willowfield Court and ahead of a portion of Montrose Place.
But Rivergum Drive is a new kid on the block attracting plenty of attention, especially from cashed up empty nesters.
Mr Ibrahimi said Rivergum Drive is a product of the 2010s – more than 20 years younger than Watersedge Terrace – with big homes often sporting long list of standard features such as pools, high-end kitchens, outdoor entertainment and sporting areas and zones for kids and adults.
Both streets offered direct access to the Barwon River, he said.
“I don’t know that anyone ever comes to me and says I want to buy a house in Watersedge Terrace as it’s quite tightly held,” Mr Ibrahimi.
But he said cashed up empty-nesters definitely put Rivergum Drive on their shopping list for its enviable collection of modern, high-end homes.
“They want somewhere where it’s flat and Rivergum Drive does offer that. So if you want modern luxury and proximity to river walking tracks, that’s really the only street you’ll find.”
Albert St, Geelong West is another product where the size of the blocks at the west end elevates the street value.
The oasis among the suburb’s traditionally tight inner city blocks allowed people to devise big renovations, capitalising on the rear right-of-way access available to both sides of the street, Jellis Craig Geelong West agent Marcus Falconer said.
GEELONG’S CHEAPEST STREET
| Street | Median value |
| Bellbird Ave, Norlane | $380,000 |
| Alkira Ave, Norlane | $387,000 |
| Eagle Pde, Norlane | $400,000 |
| Swallow Cres, Norlane | $405,000 |
| Wendover Ave, Norlane | $416,250 |
| Robin Ave, Norlane | $417,000 |
| Cox Rd, Norlane | $421,000 |
| Wisteria Grove, Norlane | $425,500 |
| Indiana Ave, Corio | $425,500 |
| Buffalo Ave, Corio | $425,500 |
Source: Ray White Property Economics
“The beauty with Albert St is most people tend to do significant renovations in the strip because the blocks lend themselves to being able to fit a larger renovation than a standard Geelong West block does,” he said.
“It’s one of the key factors in its popularity, because it’s got to be in the top five streets of Geelong West.”
The other quintessential factor for Geelong West buyers is the Pakington St and Shannon Ave shopping strips.
“At one end you’ve got Coles and Aldi and Baker’s Delight and Dan Murphy’s and Geelong Fresh, more importantly at the other end.”
Ray White Property Economics senior data analyst Atom Tian Go said the most expensive streets across the country tended to be close to water, or city centres, where there were more amenities, such as schools.
Originally published as Geelong’s cheapest and most expensive streets revealed