Bargain property up for grabs in Geelong
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Mar 13, 2019
Bargain property up for grabs in Geelong
Buyers can get bang for their median buck in Melbourne's Geelong and Glenroy, according to property valuer Herron Todd White's latest monthly review.
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Buxton HightonPictured: 134 West Fyans Street, Newtown. For sale by David Gray and Julia Warren as seen on Thehomepage.com.au
Geelong is defying the downward price trend in Melbourne due to its affordability, Herron Todd White's Month in Review report says.
With a median house price of only $555,000, what does this get you?
In the central Geelong CBD, the answer is an apartment only.
"Currently, the median dwelling value for Geelong is $715,000 while the apartment value is $550,000, therefore, those seeking to purchase within the city will have to choose location over size," Herron Todd White said.
"Apartments located within the city are offering good investment returns due to limited supply because of the rise in popularity of Airbnb. A potential supply surplus may reduce demand with the completion of the Mecer Street Tower and Miramar Complex."
On the outer edges of the CBD, properties within the median price range tend to be older original dwellings comprising three bedrooms, single bathrooms with detached garages on smaller allotments.
"These properties offer value for those who are looking to get their hands dirty and renovate the property to a modern standard of living," Herron Todd White said.
Meanwhile, Glenroy's median house price sits at $720,000 - 18 per cent less than the median price of its local authority, City of Moreland, about 13 kilometres north of the Melbourne CBD.
At that price, buyers get a three to four-bedroom home with two bathrooms and multiple car spaces.
But the biggest edge Glenroy has over other markets is its steady price.
"With consistent price points of units over the past twelve months, Glenroy displays no surprise spikes in the local market, allowing potential buyers and sellers to budget effectively in the current property market," Herron Todd White said.
Bargain hunters in Melbourne's city centre might have a while to wait yet.
Herron Todd White sees the city as a "declining market", with median prices still dropping.
Related reading:
Why industry experts are saying now is the time to buy in Melbourne
Carrum joins Melbourne's $1 million median house price club
Why houses in these Melbourne suburbs are selling up to $400k more
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