The three-bedroom house at 57 Maud St, Geelong, sold for $1.45m this year.
Central Geelong homeowners could have a million reasons to smile as new data reveals the suburb has joined the list of the region’s million-dollar suburbs.
New realestate.com.au figures show central Geelong joined Newtown, Manifold Heights and Wandana Heights as the city’s urban suburbs among the list of 19 towns and suburbs where the median house price of at least $1m.
The $1m median price data is based on house sales over the 12 months to September, and shows 71 houses were traded in central Geelong, leading to a 14.1 per cent rise in the median house price.
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Key to the growth in the median house price for central Geelong is the number of million-dollar properties in neighbourhoods away from the waterfront pocket close to Eastern Beach or Western Beach.
While a house just off Eastern Beach at 3 Fitzroy St at $2.6m was the most expensive sale in central Geelong this year, houses in Kilgour St and McKillop St were traded for $1.97m and $2.1m respectively.
It’s the number of $1m-plus sales in neighbourhoods away from the waterfront that’s boosted central Geelong’s million-dollar credentials.
Top sale: 3 Fitzroy St, Geelong, sold for $2.6m this year.
Sales data reveals 75 per cent of the house sales above $1m in central Geelong this year are located on or south of the Bellarine Highway along McKillop St.
McGrath, Geelong agent Jim Cross said the market for inner city family homes is one of the healthiest in Geelong at the moment.
“The properties in the waterfront precinct are still, in general, obviously worth higher prices than the properties that are away from the waterfront,” Mr Cross said.
“However, there’s more properties selling in the market at the moment in the $1m to $2m range for family homes. Properties around the waterfront precinct that are in that $2m-$5m range, there’s been very little turnover in the last 18 months.”
5 Richmond St, Geelong sold for $1.205m.
Mr Cross said more buyers in that $1m to $2m range.
“There’s a lot more buyers around that have that capacity to spend, so therefore the focus on those properties is greater, and that’s driving the healthy prices in those areas, which are extremely good and are still so close to town and the waterfront.”
Maxwell Collins agent Duncan Skene said central Geelong has become really popular with buyers, given the local amenity away from the waterfront and CBD such as coffee shops, schooling and for commuters using South Geelong train station.
“Obviously, you’re not going to get the views as such, but you’re just out of that city hustle and bustle,” Mr Skene said.
“You’re probably a little bit closer to the train stations and parks to walk the dogs, things like that.”
The renovated and extended four-bedroom house at 150 Maud St, Geelong, sold for 1.3m in July.
Mr Skene said a wave of renovating had significantly improved what’s on offer for homebuyers in central Geelong, whether they were families or couples.
“People have mostly renovated, so the people looking to buy, depending on the type of home, can find things pretty good.
“People working in Melbourne want to be near that train station, which works, but families also see it as a good area being close to all the schools.”
Geelong buyers advocate Tony Slack said demographics was changing in central Geelong as more young buyers purchase houses.
Darryn Lyons’ has listed his waterfront house at 11 The Esplanade, Geelong, with price hopes adjusted to $5.7m to $6.2m after sitting on the market for an extended period.
“South Geelong Primary School has got such a great reputation,” Mr Slack said.
“That has been a drawcard for young families that perhaps have been priced out of Newtown, so it’s a good alternative
“I’ve certainly have helped buyers exactly like that where they said ‘Chilwell’s our number one but we realise what we’re looking for in a home, we’re going to find it more within our budget in that pocket around South Geelong Primary School than around Chilwell Primary School’.
“Really, you’ve got the benefits of Pakington St too because you’re not that far away and you’re closer to the CBD as well, the waterfront and Eastern Gardens as well.”