Buyers Look to Geelong
First-home buyers, first mortgage holders and investors in Greater Geelong are willing to spend up to $400,000 on a property, local agents report. Inner city areas are also holding their value, and where these two criteria meet, vendors are seeing their properties snapped up. With inner suburbs performing well, the areas of Herne Hill and Newcomb are also going strong. “Some house and land packages are also selling quite well,” said Laurie McGovan from PRDNationwide.
Investors are buying the bulk packages, as they are looking for a property that ticks all the boxes. That way, maintenance is not required, tax benefits flow and tenants are usually easy to find. Anything priced well is selling at the moment, much to the delight of real estate agents and the property market in general. Melbourne buyers are saying they see good value in the Geelong market at present.