Four Geelong suburbs and nearby Torquay have topped auction volumes in regional Victoria for 2018, Real Institute of Victoria (REIV) announced this week.
Belmont topped the list with 181 auctions resulting in 142 sales and a 78.5 per cent clearance rate.
Second was Geelong West with 125 auctions, followed by Highton with 115 and Newtown with 102. Rounding out the top five was Torquay with 90 auctions.
Geelong suburbs also recorded high clearance rates with Thomson being a standout, according to REIV chief executive officer Gil King.
“Thomson recorded 13 sales and an impressive clearance rate of 86.7 per cent from 15 auctions,” he said.
“Not surprisingly, regional Victoria’s most expensive town, Barwon Heads, also did well with 16 auctions resulting in 14 sales and an 87.5 per cent clearance rate. “
Grovedale also featured in the top five suburbs for regional Victoria with 46 auctions resulting in 38 selling under the hammer at 82.6 per cent.
The town of Broadford was the top-ranked postcode in regional Victoria with a 100 per cent clearance rate for its 10 auctions.
Ballarat Central had a clearance rate of 86 per cent with 37 sales from 43 auctions.
Geelong also featured in the top five auction sales in regional Victoria.
A red brick family home on more than half an acre in Geelong West sold for $2.17 million.
The results come after Your Property Investment named Whittington alongside Belmont, Geelong West, Grovedale, Herne Hill and Highton in its 100 Top Places to Invest in 2019.
Whittington has a median house price of $346,750, with buyers snapping up properties after an average of 23 days on the market.
“With 41.3 per cent of residents renting their homes, landlords can rest assured that their properties are unlikely to be empty for long,” the magazine’s Jeremy Sheppard said.
“Indeed, the vacancy rate is just 0.3 per cent. Combine quick selling times with an average discount of only 1.35 per cent and it’s clear that buyers can’t be fussy in this market.”
Whittington experienced 20 per cent capital growth over the past 12 months.
Geelong was one of the strongest markets in Australia with Geelong West leading the charge, according the magazine’s Nerida Conisbee.
“There’s been a lot of investment in Geelong into improving the road infrastructure to Melbourne, making it a high-demand area,” she said.
“More affordable than Melbourne, with median values of $698,000 for houses and $380,000 for units, Geelong West is one of the strongest suburbs in Victoria to invest in in 2019.”
