Steady prices, strong demand, and infrastructure upgrades drive growth in the regional hotspot
Geelong’s residential property market has demonstrated strong resilience in 2024, maintaining price stability amid changing buyer preferences and outperforming other regions in terms of demand and growth.
The region’s affordability compared to Melbourne and significant infrastructure developments have made Geelong increasingly attractive to both local and interstate buyers.
According to Buxton Real Estate, the median house price in Geelong has risen modestly to $767,000 — up 2.5% from 2023. While many areas have seen price fluctuations, Geelong’s stability has been supported by robust buyer interest and a steady influx of regional movers.
Key infrastructure projects have further strengthened Geelong’s appeal. The $1.8 billion Princes Freeway upgrade has improved commuting times, positioning Geelong as a viable, well-connected alternative to Melbourne. The upgrade has bolstered demand from those seeking more space and a relaxed lifestyle without sacrificing proximity to the city.
Geelong also continues to attract regional movers, ranking as the second most popular destination for relocation in the Regional Movers Index. The region accounted for 8.6% of regional relocations, driven by a 49.7% annual growth rate. Just an hour’s drive from Melbourne’s central business district, Geelong’s combination of accessibility and lifestyle benefits has proven increasingly desirable.
Demand for family homes and lifestyle properties has surged in 2024, reflecting broader market trends. The rise of remote and hybrid work models has driven buyers to prioritise properties with larger backyards and dedicated home office spaces. Buxton Real Estate reported a 15% rise in inquiries for homes with office facilities over the past year.
The suburbs within Geelong’s 3216 postcode — Highton, Belmont, Grovedale, Waurn Ponds, and Marshall — have recorded significant growth. These areas, known for their proximity to schools, parks, and coastal amenities, have seen a 4.2% increase in population year-on-year, largely due to demand from families seeking established communities and spacious properties.
Premium properties have also performed strongly. One of Geelong’s standout sales in 2024 was the $3.9 million sale of 208 Noble Street in Newtown, an area renowned for its elite schools and desirable lifestyle. The sale price reflects a 12% increase over Newtown’s median, underscoring sustained demand for high-end properties in sought-after suburbs.
Looking forward, Geelong’s property market is expected to maintain its upward trajectory. Buxton Real Estate forecasts a 7% to 9% rise in property values over the next 12 to 18 months, supported by continued infrastructure investments and growing demand for affordability and space.
“Geelong’s property market continues to exceed expectations,” said Tony Moorfoot (pictured above left), director at Buxton Real Estate Geelong. “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, we anticipate this trend to continue well into 2025.”
Marcus Williams (pictured above right), chief executive at Buxton Real Estate, echoed this sentiment, highlighting Geelong’s increasing popularity among homebuyers and investors.
“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,” Williams said. “As the region evolves, we expect continued growth and strong demand in the years to come.”
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