NORTH Geelong has been revealed as one of the top growth suburbs in Geelong.
The median house price in North Geelong has increased 27.9 per cent this year to $486,000, according to realestate.com.au, while the five year annual growth is 10.9 per cent.
There are several factors that are drawing buyers to the northern suburb, according to Gartland Property, Geelong agent Nathan Ashton.
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“It used to be known as an industrial area but people have moved on from that and are realising they can find affordable and good quality housing that is literally a kilometre and a half to the CBD or water,” Mr Ashton said.
”It has been seen as an affordable alternative as one pocket of North Geelong is across the road from Geelong West but prices are $200,000-$300,000 less.”
Mr Ashton said the future of North Geelong was looking bright.
“Target and the sale yards will be identified as key development areas and there will be more development and more jobs and more money coming into that area,” he said.
“There will probably be some people purchasing speculating that there is going to be factors like that as well, they can see there are going to be elements of growth in the next three to five years.”
Buxton, agent Matt Plunkett is selling 52 Saywell St, North Geelong and said all the interest he had received on the property was from Melbourne.
“It seems to be the people wanting the train station but still be close to Pakington St in Geelong West,” Mr Plunkett said.
He said this renovated three-bedroom house with expansive outdoor entertainment area was on the market for $490,000 to $530,000 but a similar property in Geelong West would cost buyers around $650,000-$700,000.
“You have two different areas in North Geelong, you have the area opposite Geelong West that younger buyers see as an extension of Geelong West but at a different price point yet they still have period homes and good sized blocks,” he said.
“Then there are completely different buyers opposite the golf course and in the golf course.”
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