Geelong house prices increased by 7.7 per cent in 2020 amid an influx of Melbourne buyers, according to the latest Real Estate Institute of Victoria (REIV) data.
East Geelong median house prices boomed, increasing by 37 per cent to $860,000 in December 2020, including a 12.4 per cent increase in the previous quarter alone.
Barwon Heads prices soared to $1,232,500 in December 2020, 25 per cent higher than December 2019.
Waurn Ponds, Newtown and Newcomb recorded annual increases of 23, 18.8 and 17.6 per cent, bringing median prices to $775,000, $950,000 and $500,000 respectively.
Eight suburbs sold more than 50 houses for 2020, with Corio, Grovedale, and Ocean Grove recording the highest percentage increases of these at 11.4, 11.2 and 10.4 respectively.
REIV president Leah Calnan described the growth amid COVID-19 as “amazing”.
The pandemic had prompted many potential Melburnian purchasers “sitting on the fence” to take the plunge and buy a holiday home or move to Geelong for a lifestyle change, she said.
The newfound ability to work from home and savings from cancelling overseas travel plans had also driven the influx, Ms Calnan said.
“It seems the pandemic has changed our way of thinking. If we can afford to do it, we’re going to do it now.”
Surf Coast median house prices increased 15.5 per cent, driven by an influx of Melburnians moving to Torquay and Lorne.
Ms Calnan said the Victorian property market remained remarkably resilient in 2020 despite dire predictions at the onset of COVID-19.
“Throughout the July and September quarters, we received constant reports of low listings and activity.
“Once restrictions across the state eased, demand and buyer competition skyrocketed.”
Low interest rates, stamp duty concessions and first homebuyer grants added to buyer appetite, while uncertainty in the Australian equity market made property a preferred investment option for Victorians, Ms Calnan said.
Greater Geelong median house prices
| Suburb | Dec-20 median | Quarterly increase | Annual increase |
| ARMSTRONG CREEK* |
$550,000 |
0.5% |
-0.9% |
| BARWON HEADS* |
$1,232,500 |
10.7% |
25.2% |
| BELL PARK* |
$510,000 |
2.5% |
4.1% |
| BELL POST HILL* |
$520,000 |
0.0% |
8.3% |
| BELMONT |
$610,000 |
0.7% |
10.4% |
| CLIFTON SPRINGS* |
$552,500 |
4.0% |
13.3% |
| CORIO |
$390,000 |
6.8% |
11.4% |
| CURLEWIS* |
$635,000 |
8.5% |
8.7% |
| DRYSDALE* |
$520,000 |
2.8% |
-14.9% |
| EAST GEELONG* |
$860,000 |
12.4% |
37.6% |
| GEELONG* |
$787,500 |
1.6% |
10.8% |
| GEELONG WEST* |
$780,000 |
8.3% |
15.0% |
| GROVEDALE |
$565,000 |
7.1% |
11.2% |
| HAMLYN HEIGHTS |
$596,000 |
5.0% |
7.4% |
| HERNE HILL* |
$595,000 |
-1.2% |
6.9% |
| HIGHTON |
$741,000 |
2.8% |
7.4% |
| LARA |
$545,000 |
1.9% |
4.5% |
| LEOPOLD |
$540,000 |
2.9% |
3.8% |
| LOVELY BANKS* |
$569,880 |
-0.9% |
– |
| MANIFOLD HEIGHTS* |
$749,000 |
-0.8% |
7.0% |
| MARSHALL* |
$510,000 |
3.0% |
4.5% |
| NEWCOMB* |
$500,000 |
3.0% |
17.6% |
| NEWTOWN* |
$950,000 |
3.5% |
18.8% |
| NORLANE |
$380,500 |
5.3% |
9.0% |
| NORTH GEELONG* |
$547,000 |
-0.2% |
11.6% |
| OCEAN GROVE |
$772,500 |
4.0% |
10.4% |
| POINT LONSDALE* |
$840,000 |
1.8% |
1.4% |
| PORTARLINGTON* |
$622,000 |
3.2% |
-2.8% |
| ST ALBANS PARK* |
$395,000 |
-2.5% |
-11.7% |
| ST LEONARDS* |
$578,000 |
-2.0% |
-2.0% |
| WAURN PONDS* |
$775,000 |
– |
23.0% |
Surf Coast
| Suburb | Dec-20 Median | Quarterly Change | Annual Change |
| ANGLESEA* |
$995,000 |
2.6% |
– |
| TORQUAY |
$910,000 |
4.3% |
8.5% |
*Denotes less than 50 houses sold during 2020.
