Quarterly Wrap 2018

Geelong Quarterly Market Review March - May 2018 Wayne Baker

What’s Happened in Autumn? Geelong’s property market is in the first year of a three-year boom as new projects and our attractive lifestyle impact the region’s economy. Values have grown faster than any regional area in the nation as new data shows more evidence that prices were softening in the big capital cities. Outside of the capital cities, Geelong tops the list for strongest property growth over the past 12 months, where dwelling values are up 10 per cent to $533,555. But why are we seeing such a substantial growth rate in Geelong you ask? The scale of migration of Melbourne homebuyers to Geelong has been revealed as nearly 7000 people moved to Corio Bay last financial year. Australian Bureau of Statistics data for internal migration trends found Geelong was the third-most popular regional destination for residents escaping their nearest Australian capital city. “There are multiple reasons why we’re seeing more people move to new locations, however it’s generally for more affordable housing or because they’re looking for a sea change/tree change.” The trend is revealed as a new report from CoreLogic shows Geelong house prices were experiencing a faster rate of annual growth than Melbourne in the first quarter of 2018.

Median House Prices – City of Greater Geelong In the Geelong property market, we are seeing a 10% rise per annum on median household prices. The median house price in the City of Greater Geelong was $520,000 in the March 2018 quarter, an increase of 3.0% from the previous quarter and an annual increase of 13.0%. Industry professionals have said and statistics have shown to expect more of the same rapid growth in 2019 as market fundamentals remain stable, like record low interest rates, a short supply of quality homes and Geelong’s white- collar revival drawing more professionals to the city.

Geelong Suburb Report: Median Sale Prices 2018

South Geelong, Victoria 3220 South Geelong has approximately 623 houses within its perimeter. Home to an approximate of 1,557 people. South Geelong has seen some substantial growth over the last couple of years and gaining results well above expectation. With fantastic amenities at your fingertips, such as South Geelong Train Station, GMHBA stadium, Geelong CBD and the Barwon River, South Geelong offers a great residential area for first home buyers, upsizes/downsizers and/or investors. South Geelong is just one of the regions I have had the privilege to service over the last 6 years in Real Estate. Recent Sales in South Geelong: 1/258 Yarra Street, South Geelong Sold 82 Foster Street, South Geelong Sold 2A Lonsdale Street, South Geelong Sold 48A Balliang Street, South Geelong Sold 2/258 Yarra Street, South Geelong Sold 47B Lonsdale Street, South Geelong Sold

South Geelong Rentals With a large increase in Melbourne investors making their way down to Geelong, our rental figures have also increased over the last couple of years.

Currently Leased Properties 200 Bellarine Street, South Geelong $440pw 1/12 Lamb Place, South Geelong $485pw 1 Foster Street, South Geelong $450pw 203 Bellarine Street, South Geelong $430pw 44 Verner Street, South Geelong $520pw 36 Mundy Street, South Geelong $330pw 8 Lonsdale Street, South Geelong $650pw 201 Bellarine Street, South Geelong $420pw 174 Yarra Street, South Geelong $450pw Our priority is maximizing the wealth of your residential and investment properties. At McGrath we believe that owning and selling an investment property should be a profitable and hassle free experience. If you would like to receive updated market information on comparable rents or sales, please feel free to contact the McGrath team on 5223 2040 or myself on 0418 521 221 and I would love to give you an updated market appraisal. We want you to experience the McGrath difference.



Wayne Baker Sales Agent | Geelong Renowned for his unrivalled local knowledge and vast network, Wayne Baker is a trusted sales agent who prides himself on creating long lasting relationships. Wayne is firmly entrenched in the community as not only is he a lifelong resident but he has a 30 year background working within the ‘people’ focused hospitality industry in Geelong. While he still mentor’s local business owners, Wayne made his mark in realestate in 2012, where his highly developed people skills and commercial acumen seamlessly translated to real estate success. Wayne’s long-term association with people and businesses within Geelong gives him the edge over other sales agents, with an array of contacts to draw upon when matching people and his seemingly innate customer-centric approach is distinctly aligned with McGrath’s brand of six star customer service. Specialty Suburbs - South Geelong M: 0418 521 221 - East Geelong - Newcomb D: 03 5223 2040 - Geelong E: [email protected]