The median value of a house in the Geelong region has reached $800,000.
A typical house in Geelong is worth more than $800,000 now, as the region’s property market enters a new growth phase.
New figures from PropTrack’s Home Price Index reveal the median value of a house in the Geelong region jumped more than $5000 in February.
PropTrack’s monthly index, released on Monday, shows a .59 per cent rise in the median dwelling value – reflecting both houses and units combined – in February to just over $770,000.
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That result was largely driven by a .72 per cent rise in the median value for a house, which reached $808,480.
The cost of a typical house in Geelong is $47,000 higher now than at the same time last year, the data shows.
PropTrack senior economist Eleanor Creagh said the market recovery in Geelong is still underway.
“Much of Geelong is a little more affordable than Melbourne,” Ms Creagh said.
“You also have those hybrid work patterns between Melbourne and Geelong, which remain influential. Lower entry prices and lifestyle are still attracting buyers from Melbourne (to Geelong).”
PropTrack senior economist Eleanor Creagh Photo: Supplied
Ms Creagh said the Geelong market could continue to stay ahead if elevated stock levels remain as they are in Melbourne.
McGrath Geelong director David Cortous said buoyant conditions influenced by first-home buyers, interstate investors and family buyers were leading to the rise in the value of a typical Geelong home.
“If you look at the data you’ll see that the majority of sales will be in that $700,000 to $900,000 range, so it’s no surprise,” Mr Cortous said.
McGrath Geelong director David Cortous.
“There’s a lot of investors from interstate and first-home buyers in that market, and that has pushed that market up. It’s been pretty buoyant for months now.
“You look at the cheaper suburbs that have traditionally been Bell Park, North Geelong and even Grovedale. They’re the markets that have had the bigger capital gains, and they’re the properties that are jumping from $650,000 to $700,000 to $800,000 that are really driving that.”
Part of that is influenced by a flood of interstate investors into the market, chasing high rental yields caused in part by high state property taxes on people holding investment properties.
Oliver Hume’s Matt Bell. Picture: Supplied.
“The government’s driven out a lot of investors, but there’s been increasing migration and population in the Geelong region,” Mr Cortous said.
“It’s pretty clear there’s some kind of supply issue with rental properties, so we’re seeing increased rents.”
Oliver Hume chief economist Matt Bell said while property markets won’t be moved too much by the February inflation data, another rate hike in 2026 was still on the cards.
“For the moment, mortgage holders and potential purchasers are still 0.5 per cent better off than the same time 12 months ago and will still be in a better position even with one more hike,” Mr Bell said.
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