Geelong’s property market has remained resilient over the past 12 months, with renewed buyer activity signalling a positive shift in sentiment.
Encouraged by recent interest rate cuts and a more positive economic outlook, many buyers have returned to the market sooner than anticipated. This renewed momentum reflects growing confidence that the pandemic-era price correction has run its course, and that current prices represent strong value. According to Real Estate Institute of Victoria (REIV) data, Geelong’s median house price rose by 5.2% in the March quarter, reaching $915,000. And with Geelong having overtaken the Sunshine Coast as the most popular destination to welcome new residents from capital cities1, this growth is expected to continue.
In family friendly suburbs such as Highton, Belmont and Grovedale, buyers snapped up homes with spacious yards, alfresco areas and dedicated work-from-home zones, while quality properties in Newtown, Geelong West and East Geelong frequently sold above median prices.
Buyers have gravitated to move-in ready family homes, where demand far outstrips supply. Properties requiring major renovation are tending to linger on market as rising construction costs temper enthusiasm. Turnkey residences continue to attract the strongest interest and command premium prices.
The rental market remains tight. Investor exits, spurred by legislative changes and rising costs, have reduced rental stock across Victoria. This has pushed prices higher, reinforcing Geelong’s appeal to those relocating from Melbourne. Lifestyle, affordability and commuting options make it one of Victoria’s most sought-after locations.
