Why homebuyers are chasing these Geelong hotspots

Author:ahsan

Homebuyers Don and Dulani Wijesundara and son Movi, 7 with Ashbury sales consultant Sharee Hase. Picture: Peter Ristevski

The emerging Geelong suburb renowned for its Game of Thrones themed streets is rising in the ratings with homebuyers.

The impact of the coronavirus pandemic is obvious, with Charlemont, Armstrong Creek and Mount Duneed experiencing some of the best year on year growth in buyer demand, realestate.com.au data shows.

Charlemont, where the median house price is $516,000, topped the list with demand rising 146 per cent.

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Big fans of Game of Thrones Bryce and Lisa Torney and son William were pictured in Winterfell Rd, Charlemont in 2019. Picture: Glenn Ferguson

It’s part of the Armstrong Creek growth area that will add 60,000 residents to Geelong’s population when completed.

The main Charlemont Rise estate features Game of Thrones street names like Winterfell Road, Sandor Terrace and Snow Street.

The growth area’s population hit 17,000 this year, City of Greater Geelong chief executive officer Martin Cutter told a UDIA conference last week.

This four-bedroom house at 5 Sandor Terrace, Charlemont, is selling for $515,000 to $545,000.

Biggest year-on-year growth in demand

Rank	Suburb	Demand yoy	Median price
1	Charlemont	146.5%	$516,250
2	Marshall	102.4%	$488,000
3	Winchelsea	71.2%	$480,000
4	St Leonards	68.3%	$555,000
5	Torquay	54.6%	$840,000
6	Armstrong Creek	41.0%	$530,000
7	Newtown	36.0%	$927,500
8	Barwon Heads	33.9%	$1,025,000
9	Manifold Heights	33.8%	$832,500
10	Belmont	33.8%	$580,000
11	Ocean Grove	33.1%	$744,500
12	Leopold	32.8%	$521,875
13	Point Lonsdale	32.2%	$932,500
14	Indented Head	29.8%	$605,000
15	Anglesea	29.0%	$992,500
16	Whittington	27.7%	$408,000
17	Curlewis	24.2%	$530,000
18	Mount Duneed	23.7%	$580,000
19	Newcomb	20.7%	$456,000
20	Hamlyn Heights	20.5%	$564,000

Source: realestate.com.au. Change in demand over 12 months to August, 2020

Metricon Homes regional west manager Simon Taylor said first-home buyers were fuelling the robust growth, with incentives like the HomeBuilder scheme.

“Metricon new home sales across Geelong and the Surf Coast are incredibly strong, as is buyer’s confidence, particularly given we are in a recession and seeing rising unemployment,” he said.

“In Geelong and the Surf Coast we are experiencing record activity as savvy buyers seize the opportunity to secure a new home away from Melbourne, with evidence that location is something customers are now looking at differently.

New Armstrong Creek Town Centre shopping centre located in the fastest growing area in Victoria seven kilometres south-west of Geelong

“With many organisations looking to embrace working from home beyond COVID-19 restrictions, a home in our communities are now being viewed more favourably — particularly if you are only commuting a few days per week as opposed to the full 5 days or can work entirely from home.”

Coastal communities are also rising with activity St Leonards and Torquay up more than 50 per cent, and more interest in Barwon Heads, Ocean Grove, Anglesea, Curlewis and Point Lonsdale.

Metricon display homes in Armstrong Creek.

There’s a mix of Geelong suburbs also finding more favour.

Buyer demand has risen 36 per cent in Newtown, and 34 per cent in Manifold Heights and Belmont.

More affordable areas like Newcomb and Hamlyn Heights are also drawing more buyers.

Whitford, Newtown agent Dale Whitford said the appeal of traditional suburbs like Newtown was strongest for families with children, but as values rose, people started to look further afield.

11 Chesterfield Court, Newtown, is a renovation or redevelopment prospect scheduled for auction on September 26, with price hopes of $780,000 to $840,000.

“Belmont has been stunningly successful,” he said.

“It’s that ripple effect? How important is it to have a quality of life in your house, or is it the mortgage.”

Buxton, Geelong agent Ben Riddle said it was clear people were prioritising lifestyle, but the strongest growth were in areas that were really affordable.

“The beauty of Geelong is its always supplied a diverse range of property for different budgets,” he said.

19 Claremont Ave, Newtown, is listed at the top end of the suburb’s market with price hopes of $2.1 million to $2.25 million.

“One thing that we all enjoy, regardless of the suburb, is great schooling, great lifestyle, got access to those beach pockets and treechange areas.”

Realestate.com.au measures demand according to the number of visits to property listings and buyer interactions, including saving and sharing properties and contacting agents.

Suburbs with more than 30 sales and 30 listings over 12 months to August are included.

Most in-demand suburbs

Rank	Suburb	Median price	12 month price change
1	Geelong	$830,000	15.1%
2	Geelong West	$700,000	3.7%
3	Belmont	$580,000	9.2%
4	Newtown	$927,500	12.1%
5	Anglesea	$992,500	20.7%
6	Highton	$715,000	4.4%
7	East Geelong	$697,500	22.4%
8	Jan Juc	$935,000	6.9%
9	Lorne	$1,555,000	32.9%
10	Herne Hill	$557,500	3.2%
11	Barwon Heads	$1,025,000	1.5%
12	Newcomb	$456,000	6%
13	Hamlyn Heights	$564,000	5.4%
14	Ocean Grove	$744,500	10.3%
15	Waurn Ponds	$650,000	2.4%
16	Grovedale	$535,000	7%
17	Bell Post Hill	$490,000	1.6%
18	Clifton Springs	$497,500	2.6%
19	Whittington	$408,000	6%
20	Bell Park	$493,000	1.6%