Property figures: We’re hot to invest

Andrew Mathieson
Geelong and the Surf Coast are among the hottest places to buy property in regional Australia, according to a national research real estate valuation service.
RP Data senior research analyst Cameron Kusher said yesterday that the company’s latest statistics indicated investors were holding on to properties in both areas in anticipation of big gains.
RP Data found that the Surf Coast had regional Australia’s second largest fall in listings of property for sale during the past year from 15 cities and major towns surveyed.
Geelong was fourth overall, just behind another Victorian centre, Bendigo.
Mr Kusher said the figures indicated properties in Geelong and the Surf Coast were “tightly held”.
The signs were good for the region’s home owners, he said.
“Listings are generally up across Australia and what this is showing is that less people are being forced to sell and bring their properties to market in this (Geelong and Surf Coast) area,” Mr Kusher said.
“For sellers, it’s a good thing at the moment.
“Generally, it’s a buyer’s market because there’s so much property out there.
“Properties down in Geelong and the Surf Coast are being a lot more tightly held than they are elsewhere in Australia.
“If people can get their hands on (Geelong or Surf Coast) property, it’s a pretty good investment at the moment.”
Victor Harbour, a South Australian seaside town of 22,000 residents, had the sursurvey’s biggest drop in houses listed for sale.
The Gold Coast, a market on the move for the past three years, recorded an extra 390 listings in 2008.
Mr Kusher said the fall in listings indicated Geelong and Surf Coast properties had been undervalued.
“They are probably lagging a little bit behind,” he said.