Geelong’s 10 best suburbs over the past decade revealed

Treetop views over the Barwon River await the new owners of this three-bedroom house at 13 McDonald Drive, Winchelsea, listed for $975,000.

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The top Geelong suburbs where you should have bought a home 10 years ago have been revealed and most of them wouldn’t have broken the bank.

A swag of cheaper areas dominate the list of the region’s strongest real estate performers over the past decade.

Home prices in Corio, Norlane and Whittington have more than doubled on the back of median annual growth of about 9 per cent, according to the PropTrack data.

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In Corio’s case a typical house that would have set you back $240,500 a decade ago now costs $575,000.

That level of sustained growth puts it second only behind the well-heeled holiday spot of Lorne, where average annual price rises of 9.3 per cent pushed the median from $820,000 to $1.995m.

Buyers who bought in Jan Juc, Winchelsea, Bell Post Hill, Winchelsea, Teesdale, Breakwater and Newcomb 10 years ago are also laughing all the way to the bank.

But there are fears the affordable northern suburbs’ golden run could be coming to an end as investors that fuelled demand abandon the market.

This three-bedroom house at 76 Vermont Ave, Corio is selling for $525,000-$575,000.

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This two-bedroom house at 15 Warrawee Ave, Norlane has a $485,000-$530,000 price guide.

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Ray White, Lara director Jo Boothroyd said growth in the suburb had been largely driven by interstate investment companies targeting strong yields and high occupancy rates.

But that inquiry had fallen off a cliff after reforms restricting negative gearing to new residential builds from July 2027 were announced four weeks ago.

She said this was compounded by lower buyer lending capacities and building supply and costs, all of which could lead to softening prices.

“With those people out of the market with budget restraints on investors we might find it’s going to be a bit more affordable,” Ms Boothroyd said.

“There are just too many moving parts to instil confidence in buyers. Those buyers that pushed the market prices in those areas – there was an influx of buyer advocates that were buying property and the majority of them were from NSW – that has all stopped basically overnight.”

5 Howard St, Lorne, sold for $2m in January after previously trading for $995,000 in 2015.

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The search for affordability underscores much of the growth in Winchelsea, where the median home price jumped from $301,000 to $650,000 over the past decade.

Hayeswinckle agent Andrew Crowhurst said the town had become a haven for first-home buyers and young families priced out of Geelong.

“They are buying on bigger blocks with room for a shed and better value for money so that has been part of the growth,” he said.

“You are also getting local farmers selling off land and coming into town and, with the proximity to the coast, a lot of buyers are coming from the Surf Coast. They’re downsizing and maybe topping up their superannuation.”

This contemporary home at 4 Sinclair Circuit, Winchelsea recently sold for $685,000.

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He said the town’s new estates offered good value for money, with house and land packages costing about $600,000.

For others, it’s the lifestyle perks of country living with easy access to the coast, a railway station for access to Geelong and Melbourne and good medical services.

“The bakery is really great and there’s cafes – on the weekend you can hardly get a park in that strip there,” Mr Crowhurst said.

Geelong’s best performing suburbs over 10 years

Source: PropTrack