The value of a typical home in Geelong has exceeded $800,000, marking fresh growth in the local property market. Property prices recorded a modest increase of 0.59% in February, bringing the median dwelling price to $770,000.
House prices in particular rose by 0.72% to reach $808,480. Compared to last year, the median house price has climbed by $47,000. Eleanor Creagh, Senior Economist, confirmed that Geelong’s market recovery is continuing, noting that its suburbs still offer relatively more affordable prices than Melbourne.
She added that hybrid work arrangements between the two cities, combined with Geelong’s lifestyle appeal, are attracting buyers from Melbourne. David Kortos from McGrath Geelong said the rise in values is linked to an increase in first-time buyers and interstate investors.
Sales activity has been concentrated in the $700,000 to $900,000 range, with suburbs such as Bell Park and North Geelong recording significant price growth. This recovery has also been supported by investors from other states seeking stronger rental returns, despite higher state property taxes imposed on investment properties.
