EAST Geelong is one of the most in demand suburbs across the nation as the property market in regional Victoria remains strong.
Realestate.com.au has released their Property Outlook report and it puts East Geelong as the eighth most in demand Australian suburb with 5169 property views per listing.
The report also reveals Australia is now in the midst of a housing downturn however year on year declines in Melbourne and Sydney are far less severe than many are reporting.
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Realestate.com.au chief economist Nerida Conisbee said Melbourne might be seeing a slight price decline (-1.5 per cent) but regional Victoria was booming.
“Ballarat, Geelong and Latrobe Gippsland are currently the strongest regional areas in Australia,” Ms Conisbee said.
The report shows the median dwelling price in Geelong had 5.6 per cent year on year change to $538,500.
Buxton, agent Jarrod Leonard said he was not surprised East Geelong was one of the most in demand suburbs across the country.
“There is still value for money to be had there on beautiful period homes on good sized allotments that people love,”
“It is still undervalued compared to a sister suburb like Geelong West.”
Mr Leonard said there was a lot of new people moving into the suburb which had breathed new life into it.
“There are an enormous number of renovations and extensions happening,” he said.
He said the location to Eastern Gardens and the CBD was a huge drawcard for East Geelong with both just a short stroll away.
A family home close to Eastern Gardens at 305 Myers St, East Geelong is for sale through Mr Leonard at the moment.
The three-bedroom house has three separate living areas as well as a large outdoor covered entertainment area.
Price hopes are $880,000-$950,000.