Geelong has been described as one of Australia’s hottest property markets, and is predicted to continue to perform strongly headed into 2024.
Research by hotspotting.com.au has found the region continued to perform over spring and is likely to maintain strong price growth across the coming months..
Website founder Terry Ryder said while growth in the state’s largest regional centre is slightly below Melbourne, Geelong is still a market leader.
“All but four of the 30 (local) suburbs in our analysis have positive rankings – including nine rising and 13 recovering markets,” he said.
Mr Ryder said the top local areas include Armstrong Creek, with a median house price of $680,000, and Charlemont with a median price of $616,000.
“In the most recent quarter Geelong continued to be one of the top performers in the country in that regard,” Mr Ryder told Geelong Broadcasters.
“That indicates, certainly in the early part of 2024, we’re going to see prices continue to nudge upwards.
“(It’ll) continue to create jobs, and to provide affordable housing relative to Melbourne.
“All of that helps to explain why Geelong keeps performing.”