Geelong Advertiser

Peter Farago

The Geelong suburbs where homebuyers are most likely to reap the rewards of a rising property market are identified in a new report. Research firm Hotspotting outlines the hot spots in our region as it reveals regional Victoria is one of the big winners in its Spring Price Predictor Index.

“These areas are proving resilient, offering strategic opportunities for buyers priced out of metro markets,” Hotspotting general manager Tim Graham said. The report found sales volumes were 16 per cent higher in regional Victoria than a year ago and 28 per cent above two years prior. Hotspotting measures quarterly trends in sales volume to predict areas of future growth, finding markets with positive momentum rose to 58 per cent, up from 42 per cent six months ago.

“The breadth of recovery speaks to the regions’ renewed appeal for value-seeking buyers,” Mr Graham said. “Overall, lifestyle factors and relative affordability are drawing both buyers and owner-occupiers and investors to regional Victoria.”

Geelong’s two most affordable areas, Corio and Norlane, were named among the nation’s top 50 supercharged suburbs. The wider Geelong region is steadily rising, with quarterly sales climbing from 1361 to 1597 in the past year and 28 areas having positive classifications in this survey.

Charlemont, Corio, Mount Duneed, Newtown, Norlane and Ocean Grove were leading house markets, with areas such as Bell Post Hill, East Geelong and North Geelong also up. Rising unit markets in Geelong, Grovedale and Geelong West were a sign that more buyers were chasing affordability as the federal government’s expanded Home Guarantee Scheme launched this week. The government lifted the price cap to $950,000 in Geelong and abolished income caps for the scheme, which allows people to buy with a 5 per cent deposit and avoid paying Lenders Mortgage Insurance.

While Hotspotting looks for areas with future growth, PropTrack’s Home Price Index reveals home values continued to rise in Geelong, climbing 1.26 per cent in 12 months to a $742,000 median dwelling value. Geelong buyers advocate Tony Slack said people are more prepared to compromise on property and location, given the rising competition, compared to six months ago. 

“They realise they have to cast the net a little bit further afield location-wise and perhaps not look for the something that ticks a few boxes, not every box for them yet,” Mr Slack said. The lower volume of stock on the market is bound to exacerbate the pressure on prices. PropTrack data for Geelong shows a 13 per cent drop in the number of properties for sale this year compared to 2024.

RISING MARKETS – HOUSES
Bell Post Hill – $665,000 (+1.5%)
Charlemont – $630,000 (+3.3%)
Corio – $500,000 (+2.9%)
East Geelong – $780,500 (+1.4%)
Herne Hill – $700,000 (+1.3%)
Lara – $684,500 (–2.2%)
Marshall – $638,000 (+1.3%)
Newtown – $1.08m (–10.7%)
Norlane – $465,000 (+4%)
North Geelong – $610,000 (–1.6%)
Ocean Grove – $945,000 (–3.1%)

UNITS
Geelong – $650,000 (+5.9%)
Geelong West – $393,750 (–27.1%)
Grovedale – $495,000 (–0.3%)
Ocean Grove – $766,750 (–2.9%)