Local Market Report

By Trevor Priddle on Jul 31 2017

August 2017
LJ Hooker Geelong Local Market Report
This report covers your local suburbs of Armstrong Creek, Corio, East Geelong, Geelong, Geelong West, Highton and North Geelong
At LJ Hooker Geelong our goal is to provide you with the information you need to make confident decisions about property - whether you are buying, selling, investing or renting. We have created this report which details local market conditions and how property is performing in your area which at times can be very different to the combined performance of the capital cities. Let us help you stay on top of changes in your local property market every month.
 At a glance
Strongest Growth
Geelong West
Most Traded
339 sales
Fastest Sellers
22 days
Geelong West
339 sales
22 days
Across our local market, we have seen 1,355 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 1,300 taking place over the past 12 months. Looking at the house market, the best performing suburb, over the past 12 months, has been Geelong West which has seen its median sales price grow by 19.8%. The median sales price of a home in Geelong West is now $596,000. East Geelong saw its median house sales price grow by 15.4% with the median price now sitting at $542,500 and Highton grew 11.8% across 339 individual sales with a median of $580,000.

The most traded suburb for houses in our area has been Highton with 339 homes sold over the past 12 months and it also had the most unit sales with 67 transactions. House prices in Highton have performed strongly with growth of 11.8% and now have a median price of $580,000.

Over the past month, about $2,501,500 in units and $6,835,000 in houses has been sold in Highton with $22.45m and $203.98m respectively sold over the past 12 months.

Geelong has demonstrated the strongest price growth for units with prices rising 9.8% over the past 12 months. The median sales price for units in Geelong is now $516,000 and with a median rent of $350 a week, they offer a rental yield of 4.2%.

The highest median housing rents in our area are $420 per week in Armstrong Creek and for units $350 per week in Geelong. Housing rental yields in Corio are currently 5.5% demonstrating why the area is popular with investors.

The time it takes to sell a house in our region ranges from 22 days in Corio to 55 days in Armstrong Creek, and the shortest median time to sell a unit is 21 days in East Geelong.
Top Performing Suburbs
Geelong West 129 $596,000 19.8% 8.4%
East Geelong 80 $542,500 15.4% 8%
Highton 339 $580,000 11.8% 6%
Geelong 41 $516,000 9.8% 5.7%
East Geelong 14 $352,500 7.6% 5.5%
Corio 33 $223,000 4.9% 6.3%

 Number sold (12 months)  Median Price
 Median Growth 12 months  Annual Change over 10 years

Our thoughts on long term performance
For housing investors, the best buying in our area can be found in Corio where houses are returning a 5.5% yield, while units in Corio are returning a 6.1% yield - making it a good place for savvy investors to look for inflation-beating returns.

The median price of a house in Corio currently is $260,000 and average rents are $265 per week whereas median unit prices are $223,000 in Corio with rents of $220 per week. This means it could be possible to purchase a cash-positive investment unit.

Unit prices in Corio have done well, growing 4.9% over the past year, meaning rental returns are supported by reasonable capital growth.

For those interested in investing in houses, also consider Armstrong Creek where prices have grown 5.6% while yields are 4.8% - which could be a cash flow positive investment.
Highest Yielding Suburbs Number Sold Median Sale Price Change in Median Price Median Asking Rent Indicative Gross Rental Yield
Corio 277 $260,000 8.1% $265 5.5%
Armstrong Creek 102 $470,000 5.6% $420 4.8%
North Geelong 53 $350,000 2.9% $310 4.6%
Corio 33 $223,000 4.9% $220 6.1%
North Geelong 7 NA NA $270 5%
Geelong West 44 $349,000 -6.9% $273 5%
This month's
suburb profile:

One of the most popular suburbs in our region is Geelong where 123 houses were listed for sale over the past year. Houses in Geelong have an average land size of 433 square metres.

The suburb also has a medium apartment market with 66 units listed for sale over the past year.

The suburb is tightly held with residents typically holding their house for 11 years.

The median value of houses in Geelong is $667,226. This is higher than the median sales price which is currently $627,500.

Over the past 12 months, buyer interest has eased with 87 houses sold this year compared to 99 sales last year.

Houses are typically selling within 54 days.

Sales prices have stabilised by 2.9% over the past 12 months and vendors are typically discounting by -5.7% to secure a sale.

All of this means it is now a great time to sell in Geelong.
Number Sold 87 41
Median Sale Price $627,500 $516,000
Annual Change in Median Price 2.9% 9.8%
Median Asking Rent $390 $350
Indicative Gross Rental Yield 3.6% 4.2%
Total Listings 123 66
Median Days on Market 54 83
Total Value of Sales $58.7m $26.95m
Know what your property is worth in today's market.
Ask the team at LJ Hooker Geelong
phone (03) 5221 6488 email geelong@ljh.com.au web geelong.ljhooker.com.au
Data for this report is provided by CoreLogic RP Data. In compiling this publication, CoreLogic has relied upon information supplied by a number of external sources. CoreLogic does not warrant its accuracy or completeness and to the full extent allowed by law excludes liability in contract, tort or otherwise, for any loss or damage sustained by subscribers, or by any other person or body corporate arising from or in connection with the supply or use of the whole or any part of the information in this publication through any cause whatsoever and limits any liability it may have to the amount paid to CoreLogic for the supply of such information. This data is provided as general information only and is not intended as financial advice. For our complete terms and conditions of use, go to www.corelogic.com.au
LJ Hooker Geelong
(03) 5221 6488