The Geelong property market has closed out the 2024 calendar year with a final flurry of activity, demonstrating resilience and strong buyer demand right up to the Christmas break. The week ending Friday, December 27, saw a mix of auction results and private sales that provide a telling snapshot of the region's real estate health as it heads into the new year.
Auction Activity and Clearance Rates
According to the latest data, the Geelong region recorded an auction clearance rate of 67 per cent for the final reporting week of the year. This figure is based on a total of 15 scheduled auctions, with results reported for nine of those properties. Of the nine reported results, six were successfully sold under the hammer, while three were passed in.
This final week's performance contributed to a strong overall finish for December and the fourth quarter. The clearance rate, while slightly lower than some peak periods earlier in the year, indicates a market that remains active and competitive, even during the traditionally quieter festive season. The fact that vendors were willing to list and buyers were ready to bid so close to Christmas underscores a sustained confidence in the local market's fundamentals.
Notable Sales and Suburban Highlights
Several key sales stood out in the week's results, showcasing the diversity of Geelong's property offerings. One of the headline transactions was the sale of a four-bedroom house at 25 Fairview Avenue in Newtown. The property attracted significant interest and was successfully sold at auction, highlighting the continued desirability of established, family-friendly suburbs close to the city centre.
Beyond the auction results, the private treaty market also remained busy. A significant number of properties were reported as "sold prior" to their scheduled auction date. This trend suggests that well-priced homes in good locations are being snapped up quickly, often before they even reach the auction floor, as buyers seek to secure assets without the uncertainty of a competitive bidding war.
The data also reveals activity across a range of Geelong suburbs, indicating that demand is not confined to a single area. From inner-city locales to more suburban settings, the week's sales reflect a broad-based interest in the Greater Geelong region, driven by factors such as lifestyle, affordability relative to Melbourne, and ongoing infrastructure development.
Market Outlook and Implications for 2025
The solid results from the final week of 2024 provide a positive springboard into the new year. A clearance rate comfortably above 60 per cent, combined with strong pre-auction sales, points to a market where both buyers and sellers are finding common ground. This equilibrium is crucial for maintaining healthy transaction volumes and price stability.
Industry analysts observing the Geelong market will likely view this year-end performance as a sign of underlying strength. The ability to maintain momentum during a period often marked by a slowdown suggests that the foundational drivers of Geelong's property appeal—including its coastal lifestyle, growing employment hubs, and comparative value—remain potent. This sets the stage for what many agents anticipate will be a busy start to the 2025 selling season, typically kicking off in late January and early February.
For prospective buyers and sellers, the takeaway is clear: the Geelong market is active and responsive. Vendors with realistic price expectations are meeting ready and willing buyers, a dynamic that is expected to continue as the new year unfolds. The final sales data of 2024 serves not just as a recap, but as a leading indicator for the property landscape that will define the months ahead in one of Victoria's most dynamic regional cities.
