Regional VIC Property Market Update November 2020

By Herron Todd White
November 2020

Geelong Property Update

Geelong’s property market is diverse and consists of a variety of property types appealing to all sorts of buyers. Residential property in Geelong has continued to exceed expectations as it becomes an increasingly desirable place to live. This has become evident with suburbs across the region breaking sales records throughout the year.

Lorne has recorded a new residential sales record with 1 Roadknight Street selling for $7.25 million earlier this year. Three bidders competed for the property in a private auction. Set on a north-facing, 1,800 square metre block, the architectural home designed by Spaces Design Group and built by GD Constructions offers a private, resort-like compound with five-bedrooms and five-living spaces.

Lorne has proven to be one of the most soughtafter locations, recording its second highest ever residential sale when 77-79 Smith Street sold for $5.75 million in March. The suburb has seen six properties exceed the $2 million mark across the year.

One property in Jan Juc recently hit the open market and is attracting a lot of interest. The property at 7 Seahaven Place is architect-designed and offers panoramic ocean views. The U-shaped design delivers zoned living spaces with a separate wing containing a retreat on the upper floor. Along with a mighty eight car garage and pristine landscaped gardens, this property will draw the elite and is tipped to sell for roughly $4 million.

Closer to the city centre, the highest current listing is 27 The Esplanade. Known as Carmyle, the property sits on Geelong’s front row, with uninterrupted waterfront views, situated on a generous 1,500 square metre block. Built in 1929, the art deco influence is prevalent with period details throughout.

The renovated home has no heritage overlay making it attractive for developers. Currently listed at $4.5 million, it won’t take long for one lucky buyer to jump at the opportunity.

Perron King
Director

Mildura Property Update

The Sunraysia property market has continued to show strong sale volumes and prices despite the COVID-19 pandemic. The majority of sales continue to be properties around the median sale price of $315,000 with very few listings over $750,000 being offered to the market. Although house prices have continued to steadily rise, sales over $750,000 are infrequent in the local market, however with rising building costs and an expectation that interest rates will remain low, we anticipate that sales over this price point will become more common.

The majority of residential sales over $1 million involve properties that have direct frontage to the New South Wales side of the Murray River in the townships of Gol Gol and Buronga, with only the occasional sale on the Victorian side of the border reaching these levels.

A sign of the currently strong demand is the sale last month of 73 Billabong Road, Nichols Point, which achieved a sale price of $1.345 million at auction, the highest sale price within the region on the Victorian side of the border since the sale of 10 Wingillie Street, Mildura for $1.5 million in 2015. Although heavily influenced by the property’s proximity to the river, with only a narrow strip of Crown land separating it from the Murray River, the sale of 73 Billiabong Road, Nichols Point indicates that buyers are still willing to spend in this high end of the market.

Jake Garraway
Residential Valuation Manager

Warrnambool Property Update

The prestige property market in the Warrnambool area is a highly limited segment, not just in terms of the volume of sales but of properties meeting the definition of prestige.

The most notable and recent example of a high priced sale is that of The Breakers at 1 Ocean Drive, Port Fairy.

Selling at $3.4 million back in December 2019, the property features a modern four-bedroom, fourbathroom dwelling sited on a 1,700 square metre allotment with unparalleled ocean access and views.

Adrian Castle
Certified Practising Valuer