The Geelong real estate market has seen another active week, with a range of properties sold at auction and via private sale. The latest results for the week ending May 17 showcase strong demand across the region, with several standout sales.
Top Sales of the Week
Leading the pack was a four-bedroom home in Newtown that sold for $1.85 million, exceeding its reserve price. Another notable sale was a renovated cottage in Geelong West, which fetched $1.2 million. In the suburbs, a family home in Highton sold for $975,000, while a unit in Belmont went for $680,000.
Auction Clearance Rates
The overall clearance rate for the week was 78%, with 22 out of 28 reported auctions resulting in sales. This marks a slight increase from the previous week's 75% clearance rate, indicating continued buyer confidence.
Agents noted that well-presented properties with modern amenities are attracting multiple bidders, while older homes requiring renovation are seeing less competition.
Market Insights
Real estate agents report that first-home buyers remain active, particularly in the sub-$700,000 price range. However, they face stiff competition from investors and upgraders. The median house price in Geelong now stands at $820,000, up 4.5% from the same time last year.
Units and apartments have also performed well, with a median price of $560,000, reflecting a 3.2% annual increase.
Looking ahead, agents anticipate a busy winter season as properties come to market, with interest rates remaining stable.
