Geelong outranks Melbourne in Hotspotting property location list
Geelong has regularly taken the top spot for Victorian regions with the highest auction clearance rates, according to CoreLogic.
Last week the region had an auction clearance rate of 80 percent amid its 52 auctions.
Now Leopold, Corio, Norlane and Lara have joined the top 30 suburbs where Terry Ryder has predicted house prices will take off this spring.
Hotspotting founder Terry Ryder listed Geelong suburbs Corio, Lara, Leopold and Norlane in his top rising markets in his spring Price Predictor Index.
Ryder recently described Geelong as the superstar of the Victorian property market.
The local paper, the Geelong Advertiser noted expansion of Leopold’s Gateway Plaza shopping centre, including Bunnings, Kmart and Aldi, was a catalyst for interest in the suburb, Allpoints agent Janet McIntosh said.
“People see us as a suburb with lots of extra facilities that’s got the potential to keep growing to become like another Waurn Ponds,” Ms McIntosh said.
New land estate Estuary sold out early this year, increasing demand in the suburb, Ms McIntosh said
“It’s very hard to get any houses under $300,000 now,” she said.
Leopold and Lara’s median house price is $380,000, the report shows.
A three bedroom home at 14 Teesdale Court (above) was recently sold for $380,000.
Ryder sees Geelong as an affordable alternative to Melbourne.
Corio and Norlane, which were in July’s survey, have median prices of $240,000 and $222,000 respectively.
Overall Hotspotting listed eight Geelong suburbs that were rising steadily and another 12 suburbs were sales volumes were steady, outranking any council area in Melbourne.
