Geelong Advertiser
Peter Farago
Young buyers are once again feeling the impact of rising investor interest in real estate. Hopeful first-time buyers were relegated to viewers as investment buyers contested a three-bedroom house in Geelong’s southern suburb of Grovedale. Hayeswinckle Highton agent Sophie Spowart said two bidders were competing over the phone, including a buyer’s advocate who purchased the property at 26 Beltana St for an investor client for $615,000. “We had good numbers through,” Ms Spowart said.
“The home did need a bit of work, hence why a lot of people capped out at that $600,000 mark.” Ms Spowart said 75 per cent of those interested in the property were investors. Bidding opened at $450,000, with auctioneer Michelle Winckle declaring the property was on the market when the bidding soon reached $560,000. “I think out of the four (bidders) there was three investors. We’re starting to see investors come back into the market, especially interstate ones,” Ms Spowart said.
“I think the location was very popular because it’s situated quite closely to Geelong and the Surf Coast. The block size was a big deal too and it was structurally solid. I just needed some cosmetic work. It was quite a good buy.” Victoria, and in particular Melbourne and Geelong have been put back on investors’ radar with affordability enticing buyers from Sydney, Brisbane and even Perth where house prices are relatively higher.
Hotspotting’s Top 10 National Best Buys report names Greater Geelong among three Victorian areas where director Terry Ryder said buyers should purchase now. While many long-term investors have been leaving the market, cities like Geelong have been swamped with interest from interstate investors.
The Geelong region is gaining momentum, with home prices rising across the month, quarter and year to a $773,000 median house price in the regional city of almost 300,000, according to PropTrack’s latest Home Price Index. New PropTrack median price data shows that Grovedale is a mid-range suburb in the region, with a median house price of $670,000.
