Geelong is witnessing higher land sales which account for a whopping 17% of all transactions in Melbourne. Several blocks are being sold in Geelong and the figures are higher as compared to the south-eastern suburbs of Melbourne according to reports. Geelong offers a more competitive advantage as compared to Melbourne city projects since these blocks are priced at more reasonable rates and first-time homebuyers can easily double grants as compared to purchasing property in Melbourne proper. 600+ lots were reportedly sold in the three months leading to September 2018 as per reports.
Sales in Geelong accounted for 12% of growth areas in Melbourne early in 2017 as well. Geelong is doing higher business and it offers lifestyle and price benefits to match some of Melbourne’s best locations. Estates in areas like Wallan, Bacchus Marsh and Melton South are the only ones which are currently more affordable as compared to blocks situated in Geelong. The Austin estate recently opened in Laura and this led to supply going up by 17% and sales increasing by 18% in this northern Geelong suburban zone.
The lot prices also went up to $264, 000 in Laura, indicating growth of 1.5%. Armstrong Creek had 259 sales volumes for the quarter mentioned earlier with prices going up by 5% to stand at $271, 500 for the median lot. There were two other estates opening up on the Bellarine Peninsula where prices increased by a whopping 11.5% to stand at $262, 000. This zone also had the biggest blocks which increase to 453 sq m (median).