McGrath Geelong director David Cortous said the bottom end of the market is flying.
Homebuyers are starting spring in Geelong facing the second-largest pool of properties for sale at the start of September in the past five years.
Analysis of PropTrack data shows that close to 3000 houses and units are up for grabs across the region.
But the total pool is 375 homes shy of what was on the market at the same time last year.
The total number of properties listed for sale typically peaks in November, as agents seek clear air for campaigns following the AFL finals.
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The three-bedroom house at 187 WIlsons Rd, Whittington, sold after one week for $585,000.
A breakdown by price shows that choice in the more affordable brackets has fallen from a peak of 930 properties in 2024.
There are 728 homes for sale priced between $500,000 and $700,000 in Geelong, about 200 fewer than last year.
It’s a sign the sweet spot for homebuyers is at the lower end, which is also seeing increased interstate investor activity as Geelong passes the bottom of the property cycle.
PropTrack’s Home Price Index revealed house prices increased across the month, quarter and year for the first time in more than 18 months in August, rising $10,000 year on year to $773,000.
First-home buyers have been among the most active groups, with increasing confidence on the back of three interest rate cuts in 2025 topped by an expansion of a first-home guarantee program.
Number of properties listed for sale in Geelong in the first week of September, 2021-2025. Source: PropTrack
From October 1, buyers will be able to spend up to $950,000 in Geelong and purchase with a 5 per cent deposit without paying lenders’ mortgage insurance.
Rising demand is most apparent in Geelong’s affordable inner east, where low prices combine with proximity to the city centre.
Thomson, Whittington and Newcomb experienced some of the best growth in demand – measured by search data on realestate.com.au – for areas with a median house price between $500,000 and $600,000.
Inner northern suburbs such as Bell Post Hill and North Geelong join St Albans Park with some of the biggest lifts in demand in Victoria for suburbs with a median price between $600,000 and $750,000.
The three-bedroom house at 315 Wilsons Rd, St Albans Park, is listed for sale with price hopes from $595,000 to $645,000.
The four-bedroom house at 97 Kinlock St, Bell Post Hill, is listed for sale with price hopes from $699,000 to $759,000.
Jellis Craig Geelong agent Jack Cassin said interstate investors are proving in many cases to also have deeper pockets than young buyers, with homes trading within a week of being listed for sale, often without inspections.
“I can’t remember the last time I sold something site unseen to an interstate investor. And they beat a family, just had a bigger budget,” Mr Cassin said.
“They’ve obviously seen Victoria is just good value at the moment.
“There’s definitely a lot more families and first-home buyers getting in with the rate cuts, as there’s more optimism out there for everyone.”
Owner-occupiers are having a better time in suburbs further from the city, where fewer investors were active, Mr Cassin said.
Geelong’s high demand suburbs – HOUSES
| Suburb | Demand growth | Median price | 12-month price growth |
| Thomson | 108% | $524,000 | -0.2% |
| Whittington | 99% | $537,500 | 6.4% |
| Norlane | 97% | $460,000 | 2.2% |
| Manifold Heights | 81% | $1,052,500 | -11.4% |
| Corio | 75% | $495,000 | 2.1% |
| Newcomb | 75% | $550,000 | -3.1% |
| Bell Post Hill | 75% | $660,000 | 1.5% |
| Waurn Ponds | 70% | $780,000 | -2.5% |
| North Geelong | 66% | $610,000 | -3.2% |
| St Albans Park | 66% | $622,500 | 8.7% |
Source: PropTrack. Suburbs ranked by change in demand over 12 months, measured by inquiries per listing on realestate.com.au
“They definitely like the proximity to the city. Leopold and those suburbs further out don’t see the same investment demand,” he said.
Affordable inner city areas also offer buyers the opportunity to add value that’s not available in growth areas such as Armstrong Creek, where the blocks are smaller.
McGrath Geelong agent David Cortous said the bottom portion of the market was “flying” on the increased investment activity, but the market remains patchy, with top-end price brackets still showing the signs of fewer active buyers.
“The bottom of the market is flying but the top end is still sticky,” he said.
“I don’t think the buyers have come back into the market. There hasn’t been a lot of outside buyers coming in to the Geelong at the high end.
Geelong’s high demand suburbs – UNITS
| Suburb | Demand growth | Median price | 12-month price growth |
| Belmont | 125% | $520,500 | -3.6% |
| Newcomb | 88% | $480,000 | 1.6% |
| Hamlyn Heights | 64% | $550,000 | 2.8% |
| Whittington | 58% | $380,000 | 0% |
| Geelong | 36% | $647,500 | 2.8% |
| Ocean Grove | 32% | $780,000 | 1.3% |
| Norlane | 22% | $393,000 | 2.1% |
| Geelong West | 22% | $420,000 | -22.6% |
| Newtown | 21% | $601,000 | 0.3% |
| Lara | 19% | $460,000 | -5.2% |
Source: PropTrack. Suburbs ranked by change in demand over 12 months, measured by inquiries per listing on realestate.com.au
The three-bedroom house at 4 Hickey St, Whittington, is listed for sale with price hopes from $660,000 to $669,000.
An interstate investor acted quickly when the four-bedroom house at 3 Baybreeze Close, Newcomb, hit the market with price hopes from $690,000 to $759,000.
“I would have thought the interest rate cuts wouldn’t have just brought out buyers, but would have brought out more people wanting to come to market. I haven’t really seen that influx.
“But it’s starting to flow through the middle markets. We’ve seen plenty of buyers at $2.5m to $3m, it’s that $3m and over which is the really high end of the market that’s the slowest.
“The market is building and it always starts lower and moves through the different price brackets.”
Geelong buyers advocate Tony Slack said with the first-home guarantee, there’s good opportunities for first-time buyers at the entry level, which is also resulting in increased demand for units in suburbs such as Belmont and Newcomb.
“I think people are putting more value and desire to have less land than more, and we’ve been seeing that with properties on larger allotments,” Mr Slack said.
“It just doesn’t seem to be an appetite to properties with large allotments and that’s why the values of those type of properties have come back, because the onus is more on the building than the land.”
