Geelong Property Market in 2024: Strong Growth, Steady Prices, and Infrastructure Boosts 

16 December 2024
Aerial photo of city centre of Geelong in Victoria, Australia

Geelong’s residential real estate market has shown remarkable resilience in 2024, maintaining price stability while adapting to shifting buyer preferences. Despite fluctuations in other regions, Geelong continues to attract both local and interstate buyers, with its competitive affordability compared to Melbourne and significant infrastructure developments driving growth. 

Throughout the year, Geelong’s property prices have remained steady. Buxton Real Estate reports that the median house price in Geelong is $767,000, marking a modest 2.5% increase from the previous year. While other areas have experienced price volatility, Geelong has managed to maintain stability, bolstered by strong demand from both local residents and interstate buyers. This consistency, combined with the region’s appeal, continues to support the market’s growth. 

Geelong’s attractiveness has been further amplified by key infrastructure projects. Notably, the $1.8 billion Princes Freeway upgrade has improved commuting times, making travel to Melbourne quicker and more convenient. This development strengthens Geelong’s position as an affordable yet well-connected alternative to city living, offering buyers the opportunity to enjoy spacious homes and a more relaxed lifestyle without sacrificing proximity to the city. 

Geelong is also emerging as a top destination for regional movers. According to the Regional Movers Index, Greater Geelong holds second place as the most popular hotspot, with an 8.6% share of regional movers, driven by a solid annual growth rate of 49.7%. Just an hour’s drive from Melbourne’s CBD on average, it is proving to be a highly desirable area for those seeking a lifestyle change, with accessibility to the city and the benefits of regional living. 

Increased demand for family homes and lifestyle properties has been a prominent trend in 2024. The shift towards remote and hybrid working models has driven buyers to seek properties with more space, including larger backyards and designated home office areas. Buxton Real Estate has reported a 15% increase in inquiries for homes with office spaces in the past 12 months. As buyers look for more flexibility in their living arrangements, the demand for homes offering room for growth and functionality remains strong. 

Suburbs within the 3216 postcode, including Highton, Belmont, Grovedale, Waurn Ponds, and Marshall, have experienced notable growth in 2024. These areas, known for their proximity to reputable schools, parks, and both the city and coast, have seen a population increase of 4.2% year-on-year. The demand is driven by families seeking well-established communities, large block sizes, and convenient access to amenities. 

One of the most significant sales in Geelong this year was the sale of 208 Noble Street, Newtown, for $3.9 million. Located in a highly desirable area near top schools, this property underscores the ongoing demand for premium homes in Geelong’s most sought-after locations. The sale price represents a 12% increase over the median for Newtown, highlighting the strength of the high-end market in the region. 

Looking ahead, Geelong’s residential market is expected to maintain its momentum. With continued infrastructure improvements and its growing appeal as a lifestyle destination, the region is poised for further growth. Buxton Real Estate forecasts a 7-9% increase in property values over the next 12-18 months, driven by the continued demand for space, affordability, and proximity to Melbourne. 

Tony Moorfoot, Director at Buxton Real Estate in Geelong, commented on the market’s performance: 

“Geelong’s property market continues to exceed expectations. The combination of affordability, excellent infrastructure, and lifestyle appeal is driving sustained demand, particularly in family-friendly areas like Highton, Belmont, and Waurn Ponds. With ongoing developments in the region, we anticipate this trend to continue well into 2025.” 

Marcus Williams, CEO at Buxton Real Estate, added: 

“Geelong remains a top choice for homebuyers and investors alike. Its affordable pricing, strong infrastructure, and proximity to Melbourne make it a standout destination for those seeking more space and a better quality of life. As the region evolves, we expect continued growth and strong demand in the years to come.” 

For more information on the Geelong property market or to explore current listings, please contact Buxton Real Estate. Geelong’s residential real estate market has shown remarkable resilience in 2024, maintaining price stability while adapting to shifting buyer preferences. Despite fluctuations in other regions, Geelong continues to attract both local and interstate buyers, with its competitive affordability compared to Melbourne and significant infrastructure developments driving growth. 

Throughout the year, Geelong’s property prices have remained steady. Buxton Real Estate reports that the median house price in Geelong is $767,000, marking a modest 2.5% increase from the previous year. While other areas have experienced price volatility, Geelong has managed to maintain stability, bolstered by strong demand from both local residents and interstate buyers. This consistency, combined with the region’s appeal, continues to support the market’s growth. 

Geelong’s attractiveness has been further amplified by key infrastructure projects. Notably, the $1.8 billion Princes Freeway upgrade has improved commuting times, making travel to Melbourne quicker and more convenient. This development strengthens Geelong’s position as an affordable yet well-connected alternative to city living, offering buyers the opportunity to enjoy spacious homes and a more relaxed lifestyle without sacrificing proximity to the city. 

Geelong is also emerging as a top destination for regional movers. According to the Regional Movers Index, Greater Geelong holds second place as the most popular hotspot, with an 8.6% share of regional movers, driven by a solid annual growth rate of 49.7%. Just an hour’s drive from Melbourne’s CBD on average, it is proving to be a highly desirable area for those seeking a lifestyle change, with accessibility to the city and the benefits of regional living. 

Increased demand for family homes and lifestyle properties has been a prominent trend in 2024. The shift towards remote and hybrid working models has driven buyers to seek properties with more space, including larger backyards and designated home office areas. Buxton Real Estate has reported a 15% increase in inquiries for homes with office spaces in the past 12 months. As buyers look for more flexibility in their living arrangements, the demand for homes offering room for growth and functionality remains strong. 

Suburbs within the 3216 postcode, including Highton, Belmont, Grovedale, Waurn Ponds, and Marshall, have experienced notable growth in 2024. These areas, known for their proximity to reputable schools, parks, and both the city and coast, have seen a population increase of 4.2% year-on-year. The demand is driven by families seeking well-established communities, large block sizes, and convenient access to amenities. 

One of the most significant sales in Geelong this year was the sale of 208 Noble Street, Newtown, for $3.9 million. Located in a highly desirable area near top schools, this property underscores the ongoing demand for premium homes in Geelong’s most sought-after locations. The sale price represents a 12% increase over the median for Newtown, highlighting the strength of the high-end market in the region. 

Looking ahead, Geelong’s residential market is expected to maintain its momentum. With continued infrastructure improvements and its growing appeal as a lifestyle destination, the region is poised for further growth. Buxton Real Estate forecasts a 7-9% increase in property values over the next 12-18 months, driven by the continued demand for space, affordability, and proximity to Melbourne. 

Tony Moorfoot, Director at Buxton Real Estate in Geelong, commented on the market’s performance: 

“Geelong’s property market continues to exceed expectations. The combination of affordability, excellent infrastructure, and lifestyle appeal is driving sustained demand, particularly in family-friendly areas like Highton, Belmont, and Waurn Ponds. With ongoing developments in the region, we anticipate this trend to continue well into 2025.” 

Marcus Williams, CEO at Buxton Real Estate, added: 

“Geelong remains a top choice for homebuyers and investors alike. Its affordable pricing, strong infrastructure, and proximity to Melbourne make it a standout destination for those seeking more space and a better quality of life. As the region evolves, we expect continued growth and strong demand in the years to come.” 

For more information on the Geelong property market or to explore current listings, please contact Buxton Real Estate.