Things looking up for young buyers after a spike in house prices
YOUNG professionals and families have remained active buyers in Hamlyn Heights after a spike in house prices washed through the market.
The suburb became a refuge for buyers being priced out of Geelong West and Manifold Heights but they soon found the grass not much greener as annual growth exceeded 20 per cent last year.
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But new CoreLogic data shows the median house price of $539,000 was up 7.8 per cent on this time last year.
There’s a small prestige market, with a house at 2 Heritage Drive selling for $1.815 million in December.
Harcourts, North Geelong agent Shane King said the bulk of buyers were families and young professionals, while investors were still active.
“It’s a good family-oriented area with excellent access to all the amenities and schools that it offers.” he said.
“We’ve seen prices have been stable recently, even though we’ve had that change in the market.”
He said families and young professionals were looking for solid homes where they can do minor work to add their personal touch or that have already had the work done.
Mr King said investors were on the lookout for similar homes, though they also looked at units and townhouses offering good returns.
Development, not exclusively in a residential growth pocket, has created a lot of new townhouses to capitalise on a strong rental market and offer new dwellings for downsizers.
Mr King said the outlook was good, with the location providing strong fundamentals.
“If you’re on Vines Rd, for example, you can walk 15 minutes to half a dozen schools and there’s the shopping strip, it’s close to the train station, the ring road and buses. It really is geared to be a good family area.”