“Impressive” clearance rates have made Geelong a rival to inner-Melbourne for residential auction activity, according to the state’s peak real estate body.
Geelong had the lion’s share of regional Victoria’s 1000-plus auctions already this year to challenge the big smoke’s reputation as a Victorian “fiefdom” for auctions, the Real Estate Institute of Victoria (REIV) said this week.
Latest data showed that suburbs like Belmont, Highton and Geelong West were leading the regional pack for auctions and clearance rates in 2019, REIV chief Gil King said.
“Some country towns have recorded auction activity to rival metropolitan areas, with the Geelong region dominating in volumes as well as impressive clearance rates,” he said.
“Belmont leads the pack with 75 auctions resulting in 52 sales under the hammer and a 69.3 per cent clearance rate. In Highton, there were 46 auctions with 35 properties changing hands to result in a clearance rate of 76.1 per cent, and Geelong West recorded a clearance rate of 55.3 per cent from 38 auctions and 21 sales.
Newtown had the fourth highest number of auctions so far in 2019 with 36, of which 20 achieved sales for a clearance rate of 55.6 per cent, Mr King said.
“Next on the list was Torquay with 32 auctions, half of them resulting in sales, and Mildura with 31 auctions and a clearance rate of 74.2 per cent.”
Swan Hill topped the regional clearance rate so far this year with 76.9 per cent but Highton was hot on its heels at 76.1 per cent, Mr King said.
Two more Geelong suburbs rounded out the top four, with Hamlyn Heights at 72.7 per cent and Belmont 69.3 per cent.
Suburban Geelong also claimed the two highest results so far this year when a waterfront home sold for $2.38 million and a three-bedroom house at Geelong West changed hands for $1.45 million, Mr King said.