McGrath Founder John McGrath said Geelong is well positioned for growth with many new Government departments and infrastructure setting up in the CBD, which is driving demand for residential property.
“Geelong is becoming a hub for many medical, tech and government organisations, which has been a very positive economic driver for the area,” said Mr McGrath.
McGrath Geelong Co-Principal David Cortous said there has been a positive impact felt across the business since joining the McGrath brand, just six months ago.
“The pride in which the staff have for the McGrath brand has lifted not only morale among the team but we are seeing a lift in performance and productivity. On the back of a tight market we have strengthened our market share across our core area with higher average sale prices and greater clearance rates.”
Mr Cortous pointed to the recent sale of the converted St Francis Catholic Church in Curlewis, which had previously been on the market for two years with various other agencies, but exchanged with McGrath Geelong in just eight weeks.
Mr Cortous said he anticipates a strong Spring selling season. “The Geelong market is experiencing a healthy and sustained rate of growth with robust demand, particularly from Melbourne buyers.
“We are finding that for many Geelong is now the preferred option, in terms of affordability and lifestyle, over the urban sprawl of Melbourne. With numerous government agencies, such as the Traffic Accident Commission and WorkSafe Victoria, relocating to the region creating new employment opportunities, the desirability of Geelong will only continue to grow.”
McGrath Geelong Co-Principal Jim Cross said that Geelong’s coastal lifestyle and greater affordability appealed to a wide range of buyers from young couples and families to seachangers.
“Retirees are attracted to the relaxed lifestyle, with little to no traffic congestion making mobility around Greater Geelong and the Surfcoast easily manageable.
“Since the government’s stamp duty cuts took effect in July, demand from first home buyers has intensified which has resulted in strong price growth in the sub $600,000 market.”
In terms of hot spots this Spring, Mr Cross pointed to any suburb neighbouring the CBD including Geelong West, East Geelong, South Geelong, Newtown and Geelong.
“On the other side of the river in 3216, demand is high, particularly for properties up to $600,000 where first home buyers are battling large numbers to secure their first home.”
McGrath Geelong, which opened its doors in February, was the company’s first regional Victorian office and 10th in the state.
