Geelong’s fastest-selling suburbs revealed as buyers rush for homes

Fear of missing out is leading buyers to snap up properties at the first inspection as Geelong sees a huge drop in the time homes spend on the market.

The median time on market has dropped as much as 98 days between February and March, the Hometrack data shows.

In suburbs such as Bell Post Hill, Grovedale, Newcomb and Waurn Ponds, the median days on the market halved.

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But agents are still giving more buyers a chance to see properties at hastily organised second inspections so their vendors can consider a range of offers.

Harcourts, North Geelong agent Joe Grgic said the data might still lag behind the true pace of the market by not taking into account offers subject to building inspections or finance clauses.

The 21-year real estate veteran said it was the busiest market he had seen with strong demand leading to increased urgency.

“We can all see the way the market is at the moment, the push from Melbourne and interstate and even out of Geelong and local people and first-home buyers.”

He said houses on larger sites were particularly sought for investors and families from Norlane to Fyansford.

“With lockdown, that’s certainly made people want to have that space.”

Ray White, Geelong agent Ali Banderi has concluded several sales in 24 hours that have achieved street records in Corio and Norlane.

“A lot of investors know the market and they’ve got pre-approval and they’re looking to buy,” he said.

“They’ve been missing a few properties so they want to act quickly when it goes to market.”

But sellers risk missing out on the best price if they took the first offer, Mr Grgic saying they’d had instances where people have said they want to buy before seeing a property.

“You’re missing out on competition. Not to say that a sight-unseen buyer wouldn’t necessarily pay the most and have the best conditions, but you’ve got to look at the big picture and try to get the best results for your clients.”

Areas like Grovedale, where the median time on market is 22 for houses, but 15 for units, are popular for first-time buyers, who are still a chance with a conditional offer despite high interest from investors.

Buxton, Highton agent Tony Moorfoot said sellers needed the time to consider the best options.

“The best offer is not always the unconditional one. You could have one that is higher but is conditional,” he said.

“As an owner you have to decide is it best for me if I take the risk and wait or take a lower offer and get a deal.”

GEELONG’S FASTEST SELLING SUBURBS

Suburb (houses) Median price Median days on market Change in dayson market (1mth) Fyansford $778,000 15 n.a. Thomson $433,500 16 n.a. Bell Post Hill $515,700 20 -20 Marshall $510,000 21 -8 Grovedale $553,750 22 -22 Newcomb $481,000 22 -21 Waurn Ponds $677,500 22 -18 St Albans Park $472,000 24 -6 Jan Juc $1,071,000 24 n.a. Herne Hill $647,500 25 -6 Aireys Inlet $1,300,000 25 +2 Belmont $610,525 27 -8 Armstrong Creek $565,000 29 -13 Charlemont $530,000 31 3 Bell Park $500,000 32 -18 Highton $760,000 33 -10 East Geelong $797,500 34 n.a. Lara $580,000 35 -15 Mount Duneed $595,000 36 -14 Birregurra $600,000 36 n.a. Hamlyn Heights $565,000 36 n.a. Leopold $531,000 39 -6 Barwon Heads $1,260,000 39 +6 Lovely Banks $583,500 40 n.a. Whittington $411,500 41 -8 Curlewis $538,000 41 0 Geelong West $786,250 41 +3 Torquay $877,500 42 -2 North Geelong $525,000 42 0 Wallington $1,112,500 43 n.a. Winchelsea $480,000 44 -51 Clifton Springs $527,500 46 -10 Anglesea $1,150,000 46 0 Corio $395,000 47 -10 Teesdale $625,000 48 n.a. Wandana Heights $800,000 49 n.a. Geelong $911,500 50 -3 Norlane $375,000 51 -25 Drysdale $635,000 54 n.a. Newtown $935,000 56 +3 Lorne $1,455,000 56 n.a. Queenscliff $974,288 61 +1 Ocean Grove $805,000 61 +15 Rippleside $791,750 68 n.a. Manifold Heights $862,500 68 n.a. Portarlington $731,500 76 +25 Bannockburn $610,000 78 +16 Batesford $1,295,000 79 n.a. Point Lonsdale $905,000 91 -25 St Leonards $581,000 99 -31 Indented Head $595,000 115 n.a. Suburb (Units) Median price Median days on market Change in dayson market (1mth) Grovedale $430,000 15 -20 Herne Hill $311,999 20 n.a. Newtown $505,000 31 -31 Belmont $462,500 31 -17 Leopold $410,106 34 n.a. Manifold Heights $446,000 35 n.a. Highton $456,500 37 -28 Hamlyn Heights $514,000 37 n.a. Torquay $685,000 42 -6 Geelong West $500,000 43 n.a. Barwon Heads $950,000 53 +7 Norlane $332,500 54 -98 Corio $312,500 54 n.a. Newcomb $415,000 55 n.a. Bell Park $424,500 57 -38 Lorne $785,000 57 n.a. Portarlington $566,000 61 n.a. Whittington $340,000 66 n.a. Drysdale $435,500 71 n.a. Geelong $680,000 73 -22 Ocean Grove $657,500 106 n.a. St Leonards $435,000 145 n.a. Lara $380,000 154 -12

Source: Hometrack. Data for 12 months to March, 2021. Change from February 2021.