Real Estate

Buyers put Thomson on the map

Garden St Street Shot
Written by The ReReport
As seen in the Source link, written by on 2019-05-18 02:27:55

Garden Street is drawing buyers to the nearby suburb of Thomson.

THOMSON has narrowly averted an identity crisis.

Buxton agent Damian Mahoney said until recent years the small eastern suburb did not exist on property search engines and was referred to as East Geelong.

But an influx of first-home buyers and investors looking for a bargain have put the area back on the real estate map.

Cats fans turn out in force

South Geelong station is one of the reasons first-home buyers are heading to Thomson.


Scott Selwood tackles luxury Newtown townhouses project

Designer Jan Juc home could be yours

“The suburb is now recognised when people are looking to buy property on the internet,” Mr Mahoney said.

He said first-home buyers and investors remained active buyers in the area.

“Young people love the fact it is so close to the CBD, the South Geelong train station and the waterfront,” Mr Mahoney said.

The suburb became a refuge for young people being priced out of leafy East Geelong.

New CoreLogic data shows the median house price of $412,000 was up 12.9 per cent on this time last year.

Properties on the East Geelong boundary near the Garden Street shopping strip were fetching high prices with a home at 14 Breakwater Road selling for $600,000 in November. Mr Mahoney said buyers were looking for larger block sizes that could be developed in the future.

“Homes is Thomson can be developed, renovated and subdivided all at the same time,” he said.

“Prices are still attractive to Melbourne investors and they are still getting a good return for their money.”

Mr Mahoney said the outlook was good with young families using the suburb as a stepping stone into East Geelong.

“Thomson is on the doorstep of East Geelong, it will be the next suburb to prosper,” he said.