Geelong’s cheapest suburbs have shown the best growth in median home prices in the first three months of 2025.
Geelong’s cheaper suburbs are showing the strongest signs of growth in home prices despite the cloud of affordability pressures remain over the housing market.
Homebuyers will have to pay at least $5000 more for a typical house in 11 Geelong suburbs as quarterly median home figures from PropTrack reveals more evidence of a turnaround in the property market.
The level of growth is stronger in units, where 12 suburbs show growth above $5000, with six suburbs showing median unit prices climbing at least $25,000 over the past three months.
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The two-bedroom townhouse at 4/67 Station St, Norlane, sold recently for $287,500.
The three-bedroom house at 50 Donnybrook Rd, Norlane, is listed for sale with $459,000 to $499,000 price hopes.
The strongest change was in Norlane where the median house price climbed more than $5000, while a typical unit had increased more than $54,000 in the same time.
The data also revealed nine suburbs where median prices for both houses and units have risen in the first three months of 2025, including Norlane, Corio, Whittington, Newcomb, Bell Park and Leopold.
Geelong suburbs where house prices rose the most in the past quarter included East Geelong, Armstrong Creek and Waurn Ponds.
GEELONG: TOP GROWTH FOR HOUSE PRICES
| Suburb | Median house price | 3-month change |
| Queenscliff | $1,416,993 | 2.4% |
| Bannockburn | $752,713 | 1.8% |
| Teesdale | $925,989 | 1.7% |
| Breakwater | $520,769 | 1.4% |
| Corio | $472,168 | 1.4% |
| East Geelong | $766,841 | 1.3% |
| Norlane | $442,398 | 1.2% |
| Armstrong Creek | $650,185 | 1.1% |
| Waurn Ponds | $777,498 | 0.8% |
| North Geelong | $600,259 | 0.8% |
Source: PropTrack. Change in median house price in three months.
SEARCH: HOME PRICE CHANGES IN EVERY SUBURB REVEALED
PropTrack senior economist Angus Moore said he expected prices would continue grow, and become more widespread this year, particularly if interest rates continue to fall.
“We’re not expecting particularly strong growth, but it will be better than we’ve been seeing,” he said.
Challenging housing affordability is still keeping a lid on prices, he said.
The two-bedroom townhouse at 1/27 Deakin St, Bell Park, is listed for sale with $485,000 to $525,000 price hopes.
PropTrack economist Angus Moore.
GEELONG: TOP GROWTH FOR UNIT PRICES
| Suburb | Median unit price | 3 month change % |
| Norlane | $406,491 | 15.3% |
| Corio | $381,815 | 8.3% |
| Whittington | $412,778 | 8.0% |
| Leopold | $500,595 | 7.0% |
| Newcomb | $474,513 | 6.6% |
| Geelong | $625,189 | 4.2% |
| Bell Park | $496,610 | 3.7% |
| Ocean Grove | $796,647 | 3.2% |
| Herne Hill | $364,360 | 3.1% |
| Drysdale | $553,734 | 2.6% |
Source: PropTrack. Change in median house price in three months.
“Though as interest rates come down that is going to start to improve and is a big part of why we’re expecting prices will still grow this year.”
Falling interest rates would improve buyers’ borrowing capacity and mortgage serviceability.
Mr Moore said he expected higher demand for more affordable suburbs, but that could spread to more expensive areas as the market improved.
Harcourts North Geelong agent Joe Grgic said more buyers agents and investor groups seizing on the value offered in Geelong was increasing competition for homes.
“Over the last few years, a lot of investors have been getting out of owning an investment property because they were just not feeling it’s producing what it used to with the rise of costs of owning an investment property, whether it’s land tax,” he said.
The three-bedroom house at 21 Loch St, East Geelong, is listed for sale with $875,000 to $925,000 price hopes.
The two-bedroom unit at 1/18 Hickey St, Whittington, is listed for sale with $399,000 to $438,000 price hopes.
BEST SUBURBS FOR PRICE GROWTH IN HOUSES AND UNITS
| Suburb | Median house price | 3 month gain | Median unit price | 3 month gain |
|
Norlane |
$442,398 | 1.2% | $406,491 | 15.3% |
| Corio | $472,168 | 1.4% | $381,815 | 8.3% |
| Leopold | $660,290 | 0.3% | $500,595 | 7% |
| Whittington | $491,827 | 0.8% | $412,778 | 8% |
| Newcomb | $550,991 | 0.1% | $474,513 | 6.6% |
| Geelong | $881,480 | 0.5% | $625,189 | 4.2% |
| Bell Park | $599,432 | 0.7% | $496,610 | 3.7% |
| Hamlyn Heights | $696,856 | 0.8% | $533,541 | 0.1% |
| Highton | $838,748 | 0.4% | $514,007 | 0.5% |
“There’s a new wave though, and they’re looking for value and they see the opportunity in Geelong because the market has been so flat for a couple of years.”
There is more interest in middle of the range properties where buyers can either move in, or rent out straight away, he said.
“We’re now starting see an increase in general inquiries, and then you’ll have certain properties where you will have substantial numbers, like 20-plus groups, coming through at an open home.
“We’ve seen an increase in the number of first home buyers getting into the market, because, obviously being flattered, and same with downsizers.”
Geelong buyers advocate Tony Slack said on top of more buyers actively looking to purchase, there were more second-home buyers, with bigger budgets.
The three-bedroom house at 50 Hendy St, Corio, sold recently for $560,000.
The four-bedroom house at 187 Verner St, East Geelong, sold recently for $1.15m.
“Over the last couple of years what was making up a large proportion of buyers were the first-home buyers. The large percentage of buyers were your sub-$700,000, so now it’s two-fold,” he said.
“More vendors are probably thinking there’s more buyers are in the market, so let’s list. There’s no doubt the number of listings has increased.”
Improving confidence was also leading to an increase in urgency among buyers, which is bringing more balance to the market.
“Buyers are prepared to make a little bit more compromise now than what they have done in the last couple of years.”
Mr Moore said several more interest rate cuts were expected later in the year.
“Inflation does look like it’s under control and while it’s still early, the signs are pretty positive. That will give the RBA a bit more comfort that they can start to bring rates down.”
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