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Geelong property hot tip begs question — is it time to sell?

January 22nd

Geelong Real Estate Market

The Geelong Advertiser ran the following article on the 4th January 2018


Gartland Property, Geelong, agent Nathan Ashton said the first wave of workers at WorkSafe would spark a rush in the city’s property market in the next few months.


The next few months could prove critical for Geelong homeowners considering whether to sell or hold as experts flag the city as a property hot spot in 2018.


Geelong and Ballarat have been tipped by real estate experts to build on strong 2017 growth this year as buyers are increasingly priced out of Melbourne.


Geelong was one of the nation’s strongest performing regional markets, with property values boosted by 9.7 per cent last year, according to CoreLogic.


Advantage Property Consulting director Frank Valentic said buyers priced out of the Victorian capital were looking to Geelong and Ballarat.


WBP Group executive chairman Greville Pabst said doubling of the first-home owner grant for new properties in regional Victoria added further appeal.


Geelong buyers are having to compete more with bidders from Melbourne for houses chief economist Nerida Conisbee said improving train lines to Geelong and Ballarat would make commuting to Melbourne easier.


“A lot of first-home buyers priced out of Melbourne are going to these areas and locations that might have a Melbourne feel to them but are located in regional cities,” she said.


Gartland Property, Geelong agent Nathan Ashton said two waves of employment at WorkSafe and a renewed focus on the inner city employment zone would have strong impact on Geelong’s property market.


“Whether it’s through the hospital, Deakin, Barwon Water, the TAC or WorkSafe, there is so much confidence in buying because of that — whether the people are involved in those organisations or those that are looking to buy within the markets that are influenced by those organisations,” Mr Ashton said.


“It’s going to be great for sellers, but not that great for buyers though, as there is going to be a lot of competition.”


Investments in central Geelong-based organisations like Barwon Water are leading to more demand in the city’s property market.


The next few months would be critical for homeowners sitting on the fence


“I think the next few months is when they should be making that definitive decision to move forward with a sale, or look to hold and lease it out because there is going to be ongoing growth benefits.”


Geelong had a median dwelling value of $507,202 at the end of last year, according to CoreLogic, while Ballarat’s figure rose 5.5 per cent year-on-year to $337,710.


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It’s all in the detail.
It’s all in the detail.
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