Geelong's next $1m suburbs, emerging areas revealed
The PropTrack predictions cements the rise of coastal towns as the region's most expensive areas to buy a home but reserves the pinnacle for the inner west Geelong suburb of Manifold Heights.
The PropTrack modelling uses the past five years' growth in each suburb on the next five years.
Geelong West, Highton, Geelong, Wandana Heights, Portarlington, Ocean Grove and Bannockburn would reach $1m median house prices in 2030, the analysis shows.
Norlane would remain the region's cheapest market for houses, but with a median price of $593,000, while the ripple effect would see suburbs such as Herne Hill, Hamlyn Heights breach $900,000.
Manifold Heights is one of Geelong's smallest suburbs but benefits from proximity to Newtown's college precinct, with a single-dwelling covenant that caps the number of homes.
A $1.26m median house price could balloon to $2.2m by 2030 if the 76 per cent growth trajectory is achieved.
While it's an unlikely outcome, the analysis underlines how renovations, extensions and rebuilds have improved values in the suburb where block sizes are typically bigger.
Buxton, Newtown agent Ben Riddle said a lot of people have capitalised on the growth in Manifold Heights, but a $2m median house price was a 'highly ambitious' target.
He said a few big sales can dramatically skew the suburb, but there are a lot of things going its way, especially the proximity to private schools and shopping.
'We've found that people have been happy to stay in Manifold Heights because the infrastructure between Minerva Rd and Shannon Ave has got a lot better with a lot more offerings,' Mr Riddle said.
'While I feel Geelong has a really good profile and growth is almost assured with interest rates coming down, the rate of growth will be tempered, especially in the next year, by the fact our state government's got heavy levies on property owners.'
The modelling offers more balanced predictions for most suburbs across Geelong as the region ends a boom-and-bust cycle that saw price growth reach unsustainable levels on the back of a Covid exodus from Melbourne before rising interest rates caused a hard correction that leaves the market 11 per cent below the last peak.
Geelong buyers advocate Tony Slack said the fact the data balances rises and falls means most of the predictions were plausible.
'Our market is always slow and steady. It might plateau, then have a slight increase, then plateau. Very rarely are there any troughs – after (the) Pyramid (collapse) maybe, but even through the global financial crisis we didn't see any.'
The modelling reveals moderate growth suburbs may offer more stable opportunities for buyers, including Geelong, Highton and Belmont, the latter two which are Geelong's biggest markets for established houses and where unit values are also rising.
Emerging suburbs that have lower house prices but show significant growth include St Albans Park, Corio and Winchelsea.
PropTrack senior economist Angus Moore said home prices were expected to rise this year on the back of falling interest rates boosting buyers' borrowing capacities.
'However, we're certainly not expecting to see anything like the pace of growth that we saw in 2021 when prices grew incredibly quickly,' he said.
Hayeswinckle director Michelle Winckle said the draw of the Barwon River to families buying in Highton would become more valuable the further Geelong's urban boundaries expanded.
'It's always going to appeal to families. You've got larger blocks, you're close to schools and you're on the side near the Barwon River,' Ms Winckle said.
Buxton Highton agent David Gray said it's wasn't overreach to expect Highton could be a $1m suburb in 2030, and Belmont at $850,000.
'Particularly when you look at some of the more recent results of $1.5m to high $1.8m not just up in the Province estate, but in old Highton.'
A suburb such as St Albans Park often escapes attention because it's an outlying area, but deserves to see strong growth, Mr Slack said.
'There are good, well-built homes, good land, good streets. There is so much to like in St Albans Park – it seems that because it's an outlying suburb it doesn't enter the conversation as much as others.'
What Geelong home values could be in 2030
Suburb Property type Current median sale price 5 year % change Median sale price in 2030
Anglesea House $1,433,000 46% $2,094,000
Armstrong Creek House $650,000 24% $805,000
Bannockburn House $780,000 38% $1,077,000
Barwon Heads House $1,415,000 26% $1,780,000
Bell Park House $611,000 26% $768,000
Bell Post Hill House $663,000 37% $905,000
Belmont House $690,000 23% $850,000
Belmont Unit $545,000 30% $709,000
Charlemont House $620,000 18% $732,000
Clifton Springs House $653,000 32% $862,000
Corio House $490,000 37% $673,000
Curlewis House $645,000 18% $762,000
Drysdale House $743,000 22% $904,000
East Geelong House $763,000 17% $894,000
Geelong House $880,000 25% $1,104,000
Geelong Unit $610,000 15% $702,000
Geelong West House $858,000 24% $1,067,000
Geelong West Unit $430,000 4% $446,000
Grovedale House $672,000 30% $876,000
Grovedale Unit $500,000 20% $600,000
Hamlyn Heights House $709,000 29% $913,000
Hamlyn Heights Unit $510,000 17% $596,000
Herne Hill House $691,000 31% $905,000
Herne Hill Unit $355,000 22% $435,000
Highton House $869,000 24% $1,078,000
Highton Unit $500,000 20% $602,000
Jan Juc House $1,260,000 42% $1,794,000
Lara House $685,000 26% $866,000
Lara Unit $450,000 19% $534,000
Leopold House $655,000 26% $825,000
Lovely Banks House $785,000 18% $929,000
Manifold Heights House $1,260,000 76% $2,213,000
Marshall House $630,000 30% $818,000
Mount Duneed House $703,000 24% $872,000
Newcomb House $550,000 24% $681,000
Newtown House $1,178,000 32% $1,554,000
Newtown Unit $575,000 22% $700,000
Norlane House $456,000 30% $593,000
North Geelong House $620,000 16% $719,000
Ocean Grove House $965,000 37% $1,321,000
Ocean Grove Unit $761,000 21% $919,000
Point Lonsdale House $1,130,000 34% $1,511,000
Portarlington House $853,000 35% $1,149,000
St Albans Park House $585,000 38% $805,000
St Leonards House $720,000 30% $934,000
Thomson House $510,000 24% $632,000
Torquay House $1,190,000 47% $1,750,000
Wandana Heights House $930,000 14% $1,057,000
Waurn Ponds House $780,000 21% $947,000
Whittington House $520,000 33% $693,000
Winchelsea House $650,000 46% $947,000
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
ABC News
2 hours ago
- ABC News
Albanese embraced by NZ Prime Minister Chris Luxon as two countries flag increased defence cooperation
China's presence in the Pacific and a push for peace in the Middle East were at the centre of talks between Australian Prime Minister Anthony Albanese and New Zealand PM Christopher Luxon on Saturday. Both prime ministers were keen to present a united front on global uncertainty as they stood side by side in chilly Queenstown for annual talks. After both countries signed a joint statement condemning Israel's plan to further expand its military operations in the Gaza Strip by taking over Gaza City, the leaders expressed their concern during their joint press conference. Mr Albanese reiterated Australia's desire to see a ceasefire, as well as more aid flowing into the besieged Palestinian territory and the release of Israeli hostages held by Hamas.. Despite the United Kingdom, France and Canada all proposing to recognise a Palestinian state in September at a major United Nations meeting, Australia and New Zealand have not put a timeline on when they will look to do so. Before formal discussions began, Mr Albanese was welcomed to New Zealand with a traditional Māori pōwhiri ceremony, and was embraced by Mr Luxon. It's the seventh time the two leaders have met as prime ministers, but they've known each other since long before that, when Mr Luxon was the head of Air New Zealand and Mr Albanese was Australia's transport minister. The official sit-down went for about an hour, after which the pair took a strictly limited six questions from the Australian and New Zealand press pack. The leaders confirmed they had discussed China and security in the Indo-Pacific, while also noting they had both recently visited China — a significant trading partner to both nations. They also made sure to emphasise their commitment to the Pacific family and its security. On the home front, both leaders signalled a desire to deepen defence ties between the two countries, with Mr Luxon saying he wanted Australia and New Zealand's militaries to operate as one ANZAC force. Despite a consistent push from the Trump administration for countries to boost their defence spending, both Mr Albanese and Mr Luxon stood by their current commitments to lift their spending to about 2 per cent of GDP. However, Mr Luxon did signal that he hoped to raise that figure, if possible. Mr Albanese's trip to New Zealand is only brief, lasting about 24 hours. While it's his third visit since becoming prime minister in 2022, he has not travelled to Queenstown since he was a young backpacker. He'll get a very different experience of the sites this time around — Mr Luxon and his wife are expected to spend Sunday morning showing Mr Albanese and his fiancee, Jodie Haydon, the city's stunning surrounds. Mr Albanese and Mr Luxon are both keen to promote tourism between their two countries, given Australia and New Zealand are each other's biggest tourism markets.
ABC News
3 hours ago
- ABC News
Tasmania government to end funding for greyhound racing
The Tasmanian government will end its funding for greyhound racing in the state by 2029, the ABC understands, effectively winding up the industry. The timing coincides with the end of the current funding deal for the code, which concludes in 2029. The ABC understands the gradual approach has been taken to allow time for trainers and industry participants to transition. It will also allow for the re-homing of dogs. The Liberal government's move comes amid its attempt to secure the support of crossbenchers, after failing to win a majority at the recent snap election. Tasracing, which manages the state's three racing codes, is backed by a 20-year funding deed it signed with the government in 2009. At the time it was worth $27 million per year, but it's indexed for inflation. In the 2023-24 financial year, Tasracing received $36 million under that deed. The governing body has previously said the "vast majority" of funding provided for the greyhound code came through commercial revenues it directly generated. In March this year, a report commissioned by 12 animal welfare advocacy organisations found the sport had received a total of $74.6 million from Tasracing over the past 15 years, rising from $3.5 million in 2010-11 to a projected $7.5 million in 2024-25. The report, written by independent economist Saul Eslake, found funding for the greyhound industry was rising faster than for education. The death of a champion Tasmanian greyhound last week also brought the sector back into the spotlight, with calls for it to be abolished. Raider's Guide, which had claimed a Tasmanian record of $664,975 in prize money from 79 starts, was put down after suffering a fall during Race 6 at Launceston last Monday. Greyhound racing was banned in the ACT in 2018. Last year, it was also banned in New Zealand. Tasracing and the state government have been contacted for comment.
News.com.au
4 hours ago
- News.com.au
Zeus Street Greek joins the rise of ‘elevated' Aussie fast food chains
Australian fast food chains are quickly establishing themselves in a market that has traditionally been dominated by massive American competitors. Now, a clever new trend may be the key to unlocking an even greater market share for homegrown businesses. Zeus Street Greek is a fast-growing Aussie food chain that specialises in both new and classic ways of making Greek-inspired dishes. In a bold move to expand its reach, Zeus has partnered with Woolworths to introduce a new range of products for consumers who want to recreate the store's signature flavours in their own homes. Zeus CEO Ramon Castillo said the kits would allow Aussies to recreate some of the most popular flavours available inside the restaurants. 'The products that we've developed for Woolworths have been inspired by our menu here in-store,' Mr Castillo said. 'We've got some make-at-home products like pilaf rice, there's some sauces and there's actually products that are almost directly (the same) as what we serve here in our store.' The range includes 20 news products that will only be available in Woolworths stores, including 'signature rubs, sauces and DIY pita kits.' The $80m chain boasts 40 stores nationwide, which it has gradually accumulated in the 11 years since the first Zeus store opened its doors in Drummoyne in June 2014. Not yet satisfied, Mr Castillo said he was planning to introduce another 100 stores across the nation in the next five years. 'We have got a strong presence here in NSW, and we've seen some growth in Victoria and Queensland,' said Mr Castillo. 'We've opened our second location in Western Australia and the demand has just been amazing, so we are going to continue to look at the west coast and continue to build down in Victoria and up in Queensland.' 'We're really looking forward to a full national presence over the next five years on the journey to 140 locations.' Zeus isn't the only company testing the waters of commercial grocery partnerships. Sydney-based burger chain Grill'd, which has built up one of the strongest homegrown 'Quick Service Restaurant' (QSR) empires in Australia, has just entered into a partnership with Coles. Founded in 2004, Grill'd operates 173 restaurants in Australia and is one of the country's eight fastest-growing QSR brands. From Wednesday, several varieties of Grill'd's signature burger patties have hit shelves in Coles stores around the country. The move comes as Australian brands such as Zambrero and Guzman y Gomez begin to find serious purchase in fast food market share. When it comes to the kind of area that fits the bill for a new Zeus franchise, Mr Castillo said there had to be a 'strong breakdown' of diverse demographics in the community. 'We're looking for a strong cross-section of Gen Z and families, but ultimately we know that our brand is emerging as a new style of elevated (fast food),' he said. 'There are lots of pizza shops, there are lots of Mexican and burgers, (but) there aren't a lot of Greek stores. 'So we are very proud to ultimately recognise the strength that comes from our Greek offer.' The strength of the 'Greek offer' is also part of the reason why Zeus partnered with Woolworths. 'When you think of Mexican food when you go shopping, you think of Old El Paso,' he said. 'But there's no real brand that anybody thinks of when it comes to Greek food, and we hope to change that.' Zeus is still figuring out price points and dates of sale, but eagle-eyed shoppers can expect to see the collaboration launch in the near future.
