Geelong home prices: Suburbs where values rose in June quarter

Geelong’s property market is showing its strongest signs of recovery yet with most suburbs recording price growth over the past three months.

House values surged up to 5 per cent in the top performing areas as quarterly median data from PropTrack revealed an uptick in 37 suburbs.

Homebuyers will need to find an extra $44,000 to buy a typical house in Manifold Heights, which had the biggest gain, and $25,000 in Wandana Heights.

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This four-bedrooom home at 41 Wimmera Ave, Manifold Heights, sold for $1,887,500 in May.

28 Sydenham Ave, Manifold Heights sold for $1.16m in May.

Affordable suburbs again dominated the top of the growth table amid further signs buyers are returning to the market.

Median home values rose $19,000 in Thomson, $15,000 in North Geelong and $11,000 in Corio.

Units also performed strongly across the board, with prices rising in 19 suburbs.

REA Group senior economist Anne Flaherty said the figures signalled a “strong turnaround in Geelong”, particularly when coupled with increasing demand on realestate.com.au.

She said a 10 per cent surge in property searches in the region over the past 12 months was the sixth biggest increase nationally.

REA Group senior economist Anne Flaherty sees positive signs ahead for Geelong.

“That fact that it’s number six in the country in terms of growth year-on-year by searches that is a really strong signal of upcoming demand,” Ms Flaherty said.

“I think Geelong is an area that still has a lot of value in it, so what you can get for your amount of money is still pretty good.”

She said interest rates cuts had improved affordability and boosted consumer confidence, though this week’s Reserve Bank’s decision this week to keep the cash rate on hold may slow price growth.

“There is a sentiment out there that property prices are going to be rising this year, and we have already seen that growth, and often when people are buying in a market where prices are going to rise that can also mean they are not going to miss out,” she said.

Hayeswinckle, East Geelong director Tiffany Simpson said investors were again beating a path to Geelong as the city put price volatility behind it.

This freshly renovated three-bedroom house at 47 Olney Ave, Thomson, just sold for $630,000.

58 Sunderland Drive, Wandana Heights, is on the market for $1.55m to $1.65m.

“Geelong has certainly come back into the forefront again because, when you are looking at it from a national level, New South Wales, Queensland and Western Australia from an investor point of view it’s blown for the yield,” Ms Simpson said.

“Whereas here in Geelong is still a really good, favourable yield so therefore there are some areas like Thomson, like Manifold Heights, that would appeal because the yield is still strong and there’s a good block size and the properties are generally well maintained.”

She said another interest rate rise, now tipped for August, would further drive confidence, particularly among higher end buyers considering a move.

“Those incremental changes do make quite a significant decision on higher price points and it does filter all the way through,” she said.

“I think going forward it is exciting times for Geelong – the volatility is becoming more in the past and the positiveness going forward is giving confidence back to those sellers.”

HOME VALUE CHANGES JUNE QUARTER 2025

Source: PropTrack

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