THE majority of Geelong suburbs are selling faster than a year ago with a real estate expert confident the market will defy Melbourne’s downturn.
CoreLogic data, to October 2018, shows Whittington and Marshall both recorded nine days for the median days on market.
However some agents said since October this had slowed down as buyers wait for more stock to be listed.
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Hayeswinckle, East Geelong agent Stacey Hayes said it was a tough October and November.
“There is not a lot coming onto the market and there are buyers out there looking but they are wanting to see more stock … there is buyer hesitation,” Ms Hayes said.
“January through to August was very strong but it has been tough after that, lending has been really tight.
“We hope Geelong can whether the storm and bounce back.”
Several sales have already been recorded in Geelong’s north this year with Harcourts, North Geelong agent Joe Grgic saying a number of clients came down in the Christmas period ready to buy.
Mr Grgic also said things had eased up a little bit and there were buyers out there ready to go, just not as many as there were.
North Geelong had a significant drop in median days on market from 39 to 19 in a year, according to CoreLogic.
Mr Grgic said this time last year people were buying properties that had sat on the market for a long time and they were getting snapped up.
“That could be one reason but we were seeing them sell a lot quicker, these stats can be distorted by a couple of properties that maybe sat or sold very quickly,” he said.
Despite agents saying the market had slowed down a little bit since spring, realestate.com.au chief economist Nerida Conisbee expects Geelong to defy the downturn in Melbourne.
“We can see it through search activity, it is still very elevated and Geelong suburbs are making the most in demand lists, that has never happened before,” Ms Conisbee said.
Realestate.com.au recently recorded East Geelong as one of the top 10 most in demand suburbs across the country and Ms Conisbee said Waurn Ponds made the top 10 list of suburbs that have jumped the most in terms of popularity.
“The Geelong market started off with people targeting the more premium suburbs but we are seeing more affordable areas starting to take off,” she said.
“A lot of younger people are moving to Geelong and it is really changing the mix and is good to push economic growth.”
FASTEST SELLING SUBURBS
|Suburb||Median house price||Median days on market||Previous year|
|St Albans Park||$427,000||17||22|
Source: CoreLogic to October, 2018