30 Seaview Parade, Belmont offers tenants a three-bedroom house close to shops, schools and the Barwon River.
Geelong is bucking the trend of falling rents across major cities during the COVID-19 pandemic, with prices holding steady amid a surge in demand.
One agent described the residential leasing market as “manic” since restrictions hit earlier this year.
Melbourne tenants signing up for leases on the back of virtual inspections are driving competition for limited stock across all suburbs.
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Why buyers are chasing these Geelong hot spots?
This three-bedroom house at 30 Seaview Parade, Belmont is available for $500 per week.
They are among many Australians looking to relocate as a result of coronavirus, according to new research from Finder.
A survey by the comparison site reveals one in five people has moved house or considered pulling up stumps in 2020.
Finder’s analysis of SQM Research data also showed tenants could save up to $3640 a year by finding a cheaper property.
Melbourne’s median rental price dropped 6 per cent during the first lockdown, according to CoreLogic data.
Applicants are keen on stand alone houses, like this one at 43 Calder Street, Manifold Heights, which is leasing for $360 per week.
But West End Real Estate, Geelong West, senior property manager Marie Washington said competition across Geelong had helped keep rent prices steady.
However, she said the market could take a delayed hit when JobKeeper payments ended.
“In the market you need to review prices from time to time for a variety of reasons but I don’t think that we are reducing the price of rents for available properties in Geelong because leasing is flourishing,” Ms Washington said.
“It has been manic, we are running out of stock in regards to leasing.
“If 10 houses hit my list I would lease them because I have that many people pre-approved.”
This three-bedroom townhouse at 46B Trigg Street, Geelong West is available for $580 per week.
Ms Washington said Geelong tenants had initially been spoiled for choice in a saturated market and many who were still employed seized their chance to upgrade or find a better value property.
Now there’s wasn’t enough houses to meet demand, even though apartments were harder to let.
“Because people are wanting to get out of Melbourne there has been really big inquiry,” she said.
“Under stage 4 restrictions they can’t inspect them but we have been doing virtual tours or, if they are from Melbourne, some people have someone looking on their behalf.”
Bayside living awaits at 13 Mont Albert Road, Geelong, which has just been listed for $450 per week.
McDonald & Co, Geelong, director Brad Seller said rents remained steady and vacancy rates low.
“Some people are a bit reluctant to move right now so there may be less stock,” Mr Seller said
Real Estate Institute of Victoria data for the June quarter showed regional Victoria’s vacancy rate fell to 1.8 per cent, compared with a climb of 3 per cent in Melbourne.
In Geelong, the median house rental price grew by $10 to $400 per week.
Finder insights manager Graham Cooke said with rents falling in many locations it was prime time to find a better deal.
“If you’re in a position to move, now is the time to find a bargain,” Mr Cooke said.
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