New data has revealed 2021 was a bumper year for Geelong real estate, with almost all suburbs in the region seeing at least a 20 per cent rise in property prices.
Data released by CoreLogic showed Newcomb saw the biggest rise in house prices among Geelong’s suburbs, with an increase of 30.7 per cent in 2021.
However the largest increases in the region were seen along the Surf Coast and Bellarine Peninsula, with Aireys Inlet, Jan Juc, Fairhaven and Ocean Grove all seeing at least a 32.5 per cent jump.
The data also revealed there were now five Geelong suburbs – Newtown, Fyansford, Wandana Heights, Manifold Heights and Highton – where the median house price had climbed over $1 million.
However the growth in last quarter of 2021 came from sales in the northern suburbs.
The data showed over October to December, some of the biggest property value rises came from suburbs including Bell Post Hill, Norlane, Bell Park and Corio.
The four suburbs each saw their median value rise between 6 and 5.3 per cent across the quarter.
Hodges Geelong director Marcus Falconer said the growth was due to buyers looking to get into the cheaper end of the market.
“It’s all about the price point,” he said.
“A lot of it is due to first homebuyers looking to get into the market and those are the areas that are more affordable.
“They’re also up and coming areas and not too far from the CBD. When you think about it, Bell Park is only on the other side of Geelong West, which is one of the most sought after areas.”
Mr Falconer said investors were also looking at northern suburbs.
“With the demand for rentals being as strong as it is right now, these areas are popular with investors,” he said.
“You can get a cheaper property on a larger block and the rental yields are looking very strong.”
However Mr Falconer said there was consistent demand for property across all parts of Geelong.
He said while there was strong demand from Melbourne buyers looking for more space, there was also strong demand from regional Victorians moving to Geelong for work and better access to services and facilities.
“There’s a lot of talk about Melbourne people coming to Geelong, but what I’ve seen is it’s a mix of everyone that wants to be in Geelong,” he said.
