First-home buyers look to North Geelong for lifestyle benefits
FIRST-home buyers are beating a path to older areas of North Geelong where $450,00 is still enough to get a foot on the property ladder.
Melbourne buyers with deeper pockets flooded the market last year but their retreat has opened the door to a new generation of owner occupiers.
Their interest, along with that of investors, continues to push up the price of median houses in the inner northern suburb.
MORE REAL ESTATE NEWS:
TV host Nicky Buckley sells her Bells Beach family home
Buyers from waterfront precinct purchase close to home
Auction with crowd of just two still produces happy ending in Lara
One of the region’s top performers last year with capital growth of 27.9 per cent, North Geelong added another 3.4 per cent in the three months to January.
The median house price now sits at $497,500, according to CoreLogic.
Buxton agent Roger Pedretti said houses that might have sold in the high $400,000s late last year were currently selling in the mid-$400,000 range.
But he tipped further growth ahead as more people discovered the benefits of the former industrial heartland.
“I think North Geelong is one of those areas that will still grow because of its proximity to the city,” Mr Pedretti said.
“You can walk to the station and walk to the water and people are slowly starting to recognise that.”
Large backyard sheds with the potential to create an extra income stream have also become a magnet for astute investors.
“Having some of those options for having shedding and a house has become a bit of a market,” he said.
Harcourts, North Geelong recently sold one such property, at 48 Roseneath St, for $560,000.
The 802sq m property offered great flexibility due to its industrial zoning and three separate tenancies, including a house and two sheds.