1 Elmhurst Place, Batesford, is on the market for $1.85m to $2.035m.
Luxury homes in lifestyle markets and cheaper suburbs dominated by investors and first-time buyers are neck and neck as the region’s best performed suburbs in the past decade.
New PropTrack data reveals the suburbs with the best average annual price growth over 10 years sit at polar ends of the price spectrum.
Lifestyle areas on the fringes of Geelong and Torquay, such as Batesford, Connewarre, Bellbrae and Moriac, have seen enormous growth, with $1m-plus median house prices climbing between 8.1 per cent and 9.8 per cent a year on average over the decade.
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Geelong’s northern suburbs of Corio and Norlane have closely matched that growth, rising 8.8 per cent and 8.6 per cent on average.
Growth is more subdued in the eastern suburbs, where the median house price in Newcomb has climbed 7.9 per cent a year on average, and Whittington 7.8 per cent.
Typical homes sell for more than $2m in Batesford and Bellbrae, but less than 20 a traded a year, far fewer than the region’s affordable belts.
White House agent Aisha Coe said most homebuyers in Batesford are moving from Newtown, Hamlyn Heights, Manifold Heights or Melbourne, and families are more likely to be doctors or own construction businesses.
1 Elmhurst Place, Batesford, is on the market for $1.85m to $2.035m.
“They are buyers that like a big family home, but they want the land. They want the peace, they want the quiet, they want more parking. They want more space for the kids to play,” Ms Coe said.
“They also don’t want to be further out in Teesdale, Bannockburn, Lethbridge or Inverleigh,” she said.
“Their lifestyle doesn’t change, schools don’t change, they don’t change the hairdresser. They get to keep their routine, but just a different property,” she said.
Geelong’s best performing suburbs over 10 years
Suburb |
Median price |
Average annual growth over 10 years |
| Batesford | $2.16m | 9.8% |
| Lorne | $1.96m | 9.2% |
| Connewarre | $1.82m | 9.1% |
| Bellbrae | $2.4m | 9% |
| Corio | $555,500 | 8.8% |
| Norlane | $500,000 | 8.6% |
| Moriac | $1.2m | 8.1% |
| Newcomb | $620,000 | 7.9% |
| Breakwater | $570,500 | 7.8% |
| Whittington | $591,000 | 7.8% |
Source: PropTrack. Suburbs ranked by average annual growth in median house price over 10 years.
The four-bedroom home at 67 Samphire Dr, Connewarre, is listed for sale with $3.7m to $3.9m price hopes.
The five-bedroom house at 7 Suffolk Drive, Bellbrae, is listed for sale with $2.75m to $2.85m price hopes.
HF Richardson Property director Matt Poustie said schooling was important for the young families.
“Moriac Primary School’s got a very good reputation, Bellbrae is very good. The access to the ring road to get back to Waurn Ponds for shopping or to Geelong for schooling is easy,” he said.
“Traditionally they are younger families, from their 20s, through the early 40s, and normally have one or two kids.
“There’s been a lot more investment that’s been put into the lifestyle market. Greater Geelong and Surf Coast market has seen some incredible investment in new builds and in modern homes.”
The three-bedroom house at 11 Harpur Rd, Corio, is listed for sale with $490,000 to $539,000 price hopes.
The two-bedroom house at 7 Tulip St, Norlane, is listed for sale with price hopes from $520,000 to $570,000.
More than $1.6m separates the median house prices of Batesford and Corio.
The secret to the long-term growth for Corio, Norlane, Newcomb and Whittington is being cheap, said Barry Plant South Barwon agent Ced Jimenez.
“I remember we used to sell simple three bedroom, one bathroom brick homes that are stock-standard in the (Norlane-Corio) area for about $260,000,” he said.
“And now we’re struggling to try and get them for about mid-$500,000s.”
Mr Jimenez said being a cheaper area makes it more immune to outside factors impacting the market.
The five-bedroom house at 10 Daniel Drive, Moriac, is listed for sale with $1.49m to $1.59m price hopes.
The four-bedroom house at 16 Ferry Grove, Newcomb, is listed for sale with price hopes from $670,000 to $720,000.
“During the rate rises – all 14 of them – everyone was still buying in the area because it’s all they could afford.”.
Mr Jimenez said investors still make up the bulk of buyers, but there is a big portion of homebuyers, while developers enjoy carving up the big blocks.
McGrath Geelong agent Egle Skrudulis said competition between buyers, particularly buyers agents representing investors, had resulted in prices rising.
Buyers were once chasing properties up to $600,000, then $650,000 and now $700,000.
“Everyone wants to be close to Geelong and when you look on the map, it takes you five to 10 minutes to Geelong CBD. Connectivity was great, and it also connects you with beaches on the Bellarine.”
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