Buxton, agent David Gray auctions a property in Belmont. Picture: Mark Wilson
GEELONG’S property market is red hot this spring with more than $600 million worth of homes listed for sale in October.
This is $270 million more than in September this year and $150 million more than in October last year, analysis of CoreLogic data shows.
Listing numbers are also up with 852 properties listed for sale in October, compared to 499 in September and 745 in October last year.
Local real estate agents say it is typical for there to be more listings in spring yet they still have quality buyers out in force.
Belmont, Highton, Torquay and Ocean Grove are the four suburbs that have consistently had the most properties listed in spring both this year and last and also had the most value of properties listed.
There was about $613 million worth of property listed in October, compared to about $340 million in September.
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7 Jellindale Court, Highton is going to auction today at 1pm.
REA Group chief economist Nerida Conisbee said Geelong had the strongest market in Australia at the moment.
“In terms of views per listing it is extremely high, rental demand is also high and we look at the most clicked properties going to auction,” Ms Conisbee said.
“It is certainly a red hot market at the moment.”
She said even though Geelong was only one hour from Melbourne the markets were vastly different.
“I’m not surprised we are seeing so many listings in Geelong, especially why the demand is still there,” she said.
2 Jacobs St, Belmont is going to auction today at 1pm.
Stockdale & Leggo, Belmont agent Laura Berry said Highton and Belmont had always been on buyers’ radar.
“Now interest is coming from a bit further afield as well which is exciting for property owners,” Ms Berry said.
“Historically spring is a great time for people to launch their property on the market.”
Ms Berry said despite the influx of properties, buyer demand was still strong.
“You don’t want it to dilute the activity but we are finding there are multiple people looking at opens and there is very strong interest,” she said.
Hodges, Geelong West agent Jeff Begg said the volume of buyers looking had slowed but the quality of buyers had increased.
“The buyers we are seeing are really good and our results are staying strong,” Mr Begg said.
“There is a lot of stock to choose from but it is characteristic of this time of the year.”
RED HOT OCTOBER
Source: Value of properties listed for sale in October, CoreLogic