Nicole Mayne, Property journalist
Updated 8 Jan 2022, 10:36am
First published 8 Jan 2022, 6:00am
This renovated four-bedroom house at 31 Kedleston Rd, Herne Hill, sold for $1.1 million in December.
Up-and-coming outer suburbs are tipped to be among Geelong’s hottest property markets in 2022 as buyers chase affordability.
Herne Hill is the region’s number one suburb to watch in PropTrack’s predictions for the year ahead.
Anglesea, Geelong West, North Geelong and Hamlyn Heights round out the top five, based on an analysis of recent high demand and strong price growth.
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Median house prices in Herne Hill jumped 15 per cent at the tail end of 2021 to just over $700,000 as young families beat a path to the suburb.
Harcourts, North Geelong agent Joe Grgic said it had seen huge growth over the past few years but still represented exceptional value.
He predicted strong demand would continue into the new year with buyers attracted to the quality of the housing stock and streets which had a similar feel to its pricier neighbours Manifold Heights and Newtown.
Harcourts, North Geelong agent Joe Grgic tips strong demand will continue in 2022.
“We have seen it all the way through the year and that will just continue again because of that value and the offering in that location,” Mr Grgic said.
“You have definitely got the first-home buyers wanting to get in and they know they can invest money and not overcapitalise so that gives them comfort.
“But you have also got investors who are saying ‘we know we are able to park our money there’ and it’s still reasonably affordable at that entry level.”
328 Autumn St, Hamlyn Heights will be auctioned on February 5 with a $680,000 to $720,000 price guide.
Geelong West remains popular with Melbourne buyers like Brandon and Prue, who bought in the suburb last year.
Buxton agent Matt Plunkett said you only had to follow the Geelong Ring Road to see which suburbs to watch in 2022.
He said Herne Hill and Hamlyn Heights had become a magnet for young families, while first-time buyers were trying to break into Bell Park and Bell Post Hill.
“As we entered 2021 at our open homes we were getting a lot of people through those open homes and coming into 2022 each calendar year brings a new wave of buyers so that is going to go over on top of the buyers that missed out last year,” Mr Plunkett said.
149 Great Ocean Road, Anglesea, is on the market for $5 million-$5.5 million.
Not a bad view.
Incredible median price growth of 48 per cent in the three months to December and a high number of engaged buyers per listing also signals Anglesea as a market to watch in 2022.
But Great Ocean Road, Anglesea agent Ben Jackson said the future performance of the market could hinge on whether working from home remained a sustainable option longer term.
“The thing that has been driving our growth for a fair bit is the change in work cultures now people, although working in Melbourne, are able to live down here if they only need to be in the office a couple of days a week,” Mr Jackson.
“It will be interesting to see what happens.”
Suburbs to watch in 2022
Suburb Highly engaged people per listing
Herne Hill 118
Anglesea 91
Geelong West 79
North Geelong 78
Hamlyn Heights 75
Waurn Ponds 70
St Albans Park 66
Highton 65
Drysdale 62
Bell Park 60
Source: PropTrack
