Geelong’s affordable hot spots have the region’s fastest selling property as house hunters pounce on bargain buys.
New PropTrack figures reveal sellers in Lovely Banks, Thomson, Herne Hill, St Albans Park and Grovedale have the best chance of scoring a speedy sale.
The figures show houses in Lovely Banks were snapped up in an average of 23 days over the past year, with sales in Thomson taking 24 days and 26 days in Herne Hill, St Albans Park and Grovedale.
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The four-bedroom house at 26 Minnauns Rd, Lovely Banks, sold recently for $775,000 after three weeks on the market.
The three-bedroom house at 57 Itkeston St, Herne Hill, is listed for sale with price hopes from $755,000 to $795,000.
The analysis reveals signs of improving competition and urgency, with average sale times being slashed by up to two weeks in several suburbs, and by six weeks in one.
Sales are taking 15 fewer days in Herne Hill and East Geelong compared to last year, and had dropped by 14 days in St Albans Park, 12 days in Lovely Banks and 10 days in Winchelsea.
But in Norlane, the typical house sold in an average 43 days, half the time it was taking 12 months prior.
The median house price in Geelong’s 10 fastest-selling suburbs is between $512,500 and $780,000.
The figures are a sign buyers see Geelong has hit the bottom of the market believe prices are set to improve.
McGrath, Geelong director David Cortous said sales at the agency were up 25 per cent across January and February compared to last year, even though prices hadn’t changed.
The three-bedroom house at 24 Winstanley Rd, Thomson, is listed for sale with price hopes from $485,000 to $515,000.
The four-bedroom house at 12 Bradford St, St Albans Park, is listed for sale with price hopes from $715,000 to $765,000.
“Buyers right now are probably seeing the bottom of the market and it’s time to act,” Mr Cortous said.
“They’re feeling with the interest rate cut in February that rates are going to trend in the right direction, which is probably going to bring a bit of growth.
“We’re seeing sales across the board from the $4m to $5m mark right the way down to the $500,000 to $600,000 entry level.”
The return of investors is having an impact, especially in cheaper suburbs where more homes are selling between $500,000 and $700,000.
“There is a lot of investor groups outside of Geelong, from Sydney and Melbourne, that are buying up here in Geelong again,” Mr Cortous said.
The four-bedroom house at 58 Normanby St, East Geelong, is listed for sale with price hopes from $700,000 to $770,000.
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The three-bedroom house at 19 Nott St, Belmont, is listed for sale with price hopes from $699,000 to $749,000.
Passive mum and dad investors are starting to put their toe back in the water as well.”
That might not be great news for first-time buyers, who Mr Cortous said have had a “pretty good run over the past 12 to 18 months without competition from investors”.
“We’ve found a lot of that cheaper stuff has been selling to first-home buyers.”
Hayeswinckle director Michelle Winckle said more sellers were pricing their homes competitively in the market.
“Anything related to time on market is going to be relative to the price,” she said.
“If it’s only on the market for a short time then it’s priced right with the market.
“If the market sees value, time in market will always come back if it’s priced well in competition with others.”
But Ms Winckle said there were still plenty of people sitting out, given the lack of quality homes up for sale.
The three-bedroom house at 9 Kerrie Court, Grovedale, is listed for sale with price hopes from $690,000 to $720,000.
The three-bedroom house at 33 Giddings St, North Geelong, is listed for sale with price hopes from $635,000 to $695,000.
“Maybe people are holding off thinking the market isn’t as good, as there’s not the took for them to buy.”
She said investment-grade stock was the biggest proportion of properties on the market.
Ray White Highton director Adam Natonewski said February’s rate cut had instilled more confidence in buyers who were at inspections in increasing numbers.
“The numbers we’re seeing at inspections has certainly grown, so there’s definitely more (buyers) to work with.
“I still don’t think that’s enough for them to be throwing themselves at a properties and I don’t think it’s filtered through enough to say that things have come back to 10 days on the market. I don’t think we’re quite there.”
Mr Natonewski said three more rate cuts were needed to stimulate the market and help buyers.
“I still don’t think .25 per cent was enough but I know they were reluctant to give it to us,” he said.
“The commentary I’m hearing is that we need a full one per cent to really stimulate the market, to really have an impact of thousands of dollars a year per household.
“They’re going to save themselves $25 a week with what they’ve given us. That doesn’t go far.”
SHORTEST DAYS ON MARKET
| Suburb | Median days on market | Change in days on market | Median house price |
| Lovely Banks | 23 | -12 | $780,000 |
| Thomson | 24 | -2 | $512,500 |
| Herne Hill | 26 | -15 | $684,250 |
| St Albans Park | 26 | -14 | $585,000 |
| Grovedale | 26 | 4 | $669,000 |
| North Geelong | 30 | -7 | $610,000 |
| East Geelong | 31 | -15 | $772,500 |
| Belmont | 31 | -8 | $700,000 |
| Newcomb | 32 | -1 | $559,250 |
| Waurn Ponds | 32 | 7 | $780,000 |
Source: PropTrack. Data for 12 months to February, 2025.
The three-bedroom house at 23B Chablis Court, Waurn Ponds, is listed for sale with price hopes from $550,000 to $600,000.
BIGGEST CHANGE IN DAYS ON MARKET
| Suburb | Change in days on market | Median house price |
| Norlane | -43 | $455,625 |
| Herne Hill | -15 | $684,250 |
| East Geelong | -15 | $772,500 |
| St Albans Park | -14 | $585,000 |
| Lovely Banks | -12 | $780,000 |
| Winchelsea | -10 | $651,250 |
| Belmont | -8 | $700,000 |
| North Geelong | -7 | $610,000 |
| Batesford | -6 | $1,830,000 |
| Fyansford | -5 | $975,000 |
| Suburb | Change in days on market | Median house price |
| Queenscliff | +71 | $1,280,000 |
| Portarlington | +41 | $890,000 |
| Anglesea | +23 | $1,447,500 |
| Lorne | +23 | $1,735,000 |
| Indented Head | +19 | $765,000 |
| Newtown | +17 | $1,260,000 |
| Clifton Springs | +13 | $668,000 |
| Jan Juc | +11 | $1,272,500 |
| Lara | +9 | $690,000 |
| Bannockburn | +9 | $772,000 |
Source: PropTrack. Data for 12 months to February, 2025.
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