The Geelong property market continued its strong performance in the week ending May 24, with several notable auction results and sales recorded across the region. Agents reported high buyer demand and competitive bidding, particularly for well-presented family homes in established suburbs.
Top Auction Results
One of the standout sales was a four-bedroom home in Newtown, which sold under the hammer for $1.2 million. The property, located on a spacious block, attracted multiple bidders and sold well above its reserve price. Another significant result came from Highton, where a renovated three-bedroom residence fetched $950,000, reflecting the strong demand for quality housing in that area.
Suburb-by-Suburb Breakdown
In Belmont, a three-bedroom unit sold for $720,000, while a four-bedroom family home in Grovedale achieved $880,000. The Geelong West market also saw activity, with a two-bedroom terrace selling for $650,000. Agents noted that properties with modern renovations or those close to schools and transport were particularly sought after.
Further afield, in Ocean Grove, a beachside property sold for $1.05 million, and in Torquay, a contemporary home fetched $1.15 million. These results highlight the ongoing interest in coastal living options within commuting distance of Geelong.
Market Trends
Real estate experts pointed to low inventory levels as a key factor driving prices. With fewer listings compared to the same period last year, buyers are competing fiercely for available homes. Auction clearance rates remained high, with around 75% of properties sold under the hammer.
First-home buyers are also active, particularly in the sub-$600,000 price bracket, although they face stiff competition from investors and upgraders. The market is expected to remain buoyant in the coming weeks, with several high-profile auctions scheduled.
For sellers, the current conditions present an opportune time to list, with strong demand and favorable pricing. However, agents advise realistic pricing to attract genuine buyers and achieve successful sales.
