Geelong Property Market Strong During Pandemic

Over the past year Victorians have experienced a change in lifestyle due to the COVID-19 pandemic, affecting how and where they buy property.

With flexible working looking to remain in workplaces beyond the pandemic, Victorian buyers are expanding their horizons and looking outside city centres when searching for their next home.

Nowhere has this change been more evident than in Balmoral Quay, one of our projects in Rippleside, just north of Geelong.

Balmoral Quay is a premium, lifestyle community, comprising spectacular townhouses and apartments alongside a new park, marina and even a new, man-made beach.

Due to its location outside of metropolitan Melbourne, Balmoral Quay was not subjected to the same lockdown restrictions as the inner suburbs were last year. This meant that we were able to have a more traditional marketing campaign where prospective purchasers could visit the display suite.

Despite this advantage, there was still a question mark around whether an emerging city like Geelong had the appetite for an increasing number of medium-density developments.

We initially thought that the townhouses would sell quicker than the apartments, due to their larger sizes appealing to an affluent downsizer market that we felt would be key to the project’s success. However, it was the opposite.

Upon launch, we quickly sold out of apartments and with the demand for them so high, the developer moved to redesign some of the townhouses so they could be converted into apartments, and we pivoted our messaging and communication channels to make sure we reached the right audience.

The development has seen an overwhelming interest overall, with Stages 1 and 2 sold and settled, and 70% of the latest release already sold.

The demand for apartments at Balmoral Quay is mirrored across the entire Geelong property market.

According to HomeTrack data, there has been a rapid rise in demand for apartments in recent months with Geelong’s median apartment price increasing by 31% year-on-year in February 2021 (HomeTrack, 2021).

Along with looking for that sea change, buyers are interested in easy, low-maintenance living and access to communal facilities, particularly first home buyers and downsizers.

The value of Geelong property in general has also increased across the board, with the Domain House Price Report showing a year-on-year increase of 12.9% from March 2020/2021.

With existing transport, retail, dining, education and recreation amenity already in place, lots of planned infrastructure and breathtaking views, it’s no secret why Melbournians are deciding it’s time for a sea change.

If you’re interested in finding out more about marketing your property development or industry trends, get in touch with Ant Bray on 0407 850 603 or anthony@tomorrowagency.com.au.