Geelong recorded the highest regional clearance rates: HTW residential

Geelong has seen some significant growth over recent years, according to the latest Herron Todd White (HTW) residential report. 

"Looking back over our future predictions for 2019, it’s fair to say that Geelong’s property market has followed our initial thoughts in comparison to 2017 and 2018," the valuation firm said. 

"Although the growth cycle in most parts has come to an end, we are still not anticipating a significant decline in property prices compared to that seen in Melbourne and Sydney."

The report notes that properties it initially thought would be snapped up by investors are taking longer to sell, often with vendors having to meet market expectations.

The resulting effect is that days on market are now increasing with greater stock available.

"It is not all doom and gloom, however, with a good number of sales occurring throughout the region," the report noted.

Latest CoreLogic data reveals that Geelong had recorded the highest regional clearance rates with 45.5% of properties sold at auction, despite declining auction volumes.

Properties that represented good value for money either through affordability, location or recent renovation works and presented in prime condition appear to be selling above vendor expectations with multiple bidders.

According to the HTW report, one of the key surprises so far for 2019 has been at the top end of the market.

A number of high-end properties have been transacting throughout the Geelong region, both on and off the market.

"Initially, we predicted that this price point would stabilise and become stagnant due to tightening lending conditions as well as the cooler months slowing buyer enquiry, especially along the Surf Coast," HTW said. 

"However it appears that the top end is resilient and buyers are purchasing with confidence.

"Selling agents are reporting strong interest in properties north of one million dollars."

Examples of these include 91 Orton Street, Ocean Grove (pictured below) –which sold in March 2019 for $6,3 million, according to RPData.

Positioned on a elevated double block, the four level house comes with six bedrooms,  open plan living, gourmet kitchen, rumpus rooms, cinema room, gym, and 20 metre pool plus waterslide. 

Other highlights include double glazing throughout, views to Cape Schanck and Geelong and solar panels.

188 Noble Street, Newtown (pictured below) sold in February 2019 for $3.8 million, according to RPData. 

It comprises main bedroom with with ensuite, four further bedrooms, sixth bedroom or third living space, open plan rear living area and family room.

Additional features include hydronic heating, ducted cooling, architect designed gardens, open fire places and original timber ceilings.