Unprecedented regional real estate boom, Geelong almost surpasses Melbourne: Appraisers

Victoria’s official real estate report card for 2020 shows that this is one of the largest real estate transaction years in the state’s history. Despite the pandemic, sales are estimated at US$120.5 billion.

The figures in the valuer’s total asset value guide released this week are the third highest on record, including the country’s unprecedented boom of $25 billion.

The soaring demand of Melburnians seeking changes in the sea or trees has prompted small cities in the state to speed.

The transaction value of Greater Geelong City of US$4.72 billion differs from the US$4.86 billion transaction value of Melbourne City by US$160 million.

related: Victoria leads in house approvals in May

Except Melbourne, all capitals in Australia recorded rent increases

Melbourne’s luxury housing market surges

According to Cameron Kusher, executive manager of economic research at realestate.com.au, the booming Geelong may beat Melbourne again this year as the demand for remote areas remains high.

“But it also illustrates the weakness of the Melbourne city centre apartment market and the blow to the retail industry,” Mr. Cusher said.

Cate Bakos, an association of real estate buyers’ agents, stated that Geelong’s success is not just a “knife reaction to Covid-19” but will continue for many years.

Ms Backos said: “This is the result of the city’s revival, which is so close to Melbourne and affordable.”

In the entire Melbourne metropolis, $81.795 billion of real estate changed hands this year, which is the lowest figure since 2013, and this number has declined as the number of transactions during the lockdown has declined.

The Mornington Peninsula became the state’s most valuable market, with more than $5 billion in assets changing hands-mainly for residential use.

7 Sherwood Road, Rye was sold for USD 1.2 million in June 2021.

---

Mr. Kusher said that throughout the pandemic, it has been “wrecking havoc” and is the strongest market “according to any indicator we use”. Although it is technically classified as Melbourne, many live and Those who buy it will see it as a regional escape.

The total real estate transactions of Ballarat and Bendigo were US$1.69 billion and US$1.489 billion, respectively.

As a professional home buyer, Ms. Bakos has given up on inspections of homes that have already been listed on Ballarat in 2020.

“If you have purchased a property on the Internet, it may be sold before you get there,” she said.

With the rapid development of remote cities, wealthy Melburnians even bet in remote small towns-they spend as much as $100,000 on houses without inspection.

Matt and Shanni McAuliffe, as well as Noah and Oscar, are preparing to sell their Laura home after seeing real estate prices in the area rise.

---

“People who are under lockdown stay at home and surf the Internet, so we see people researching small towns, and if the rent returns are there, they are willing to risk buying cheap houses ($50,000 to $100,000) because they know it may not grow in the long term. “Ms. Backos said.

This may be due to a 9.1% increase in the median house price in large remote towns in Victoria, an 8.7% increase in medium-sized towns, and a 9.5% increase in small towns.

Between Melbourne and the Geelong CBD, Ray White Lara agent Matthew Wade-Taylor stated that things “really start” in mid-2020.

His company sold at least seven homes to locked Melbourne buyers only through video inspections.

“Just this week, someone knocked on the door and called me because they knocked on the door, a buyer who missed it nearby,” Mr. Wade-Taylor said.

Real estate prices in Geelong have soared.

---

It turns out that this is a boon for savvy locals like Matt and Shani McAuliffe. They bought a 2,000 square meter piece of land for their next home in December, but it took a long time. Waiting for the ownership of the land to delay their listing 10 Whistling Duck Drive, Lara, Houses for sale.

“Just when the first lockdown came, we looked at a house… but it didn’t work well, but then it started,” he said.

“The market has improved and people want to go to rural Victoria.”

Since then, the market has risen further, and they expect Melbourne buyers to become one of the four-bedroom entertainers who have raised 9-year-old Noah, 9-year-old Oscar and their doll Millie in the past 5.5 years. One.

Sign up for the Herald Sun for weekly real estate updates. click here Send the latest Victorian real estate market news directly to your inbox.

more: Melbourne’s combustible cladding apartment building risk list increases

Victoria is Melbourne’s largest home sales in the 2020/21 financial year

Melbourne real estate: what to buy now for $1 million in the inner city