Has the Newtown hill lost its aura with homebuyers as the pinnacle of Geelong real estate?
New data mapping the city’s most in-demand streets has underlined the popularity of our most prestigious suburb.
But only one street from the famed Newtown Hill — the city’s most exclusive pocket away from the water — made the cut.
The remainder was shared between the Chilwell pocket and Newtown’s riverside precinct, according to the research drawing on search data for properties listed for sale over the past three years.
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Realestate.com.au chief economist Nerida Consibee said Newtown is a really popular neighbourhood and often one of the most sought-after regional suburbs in Australia.
The data suggests properties on the hill were too expensive for the many young buyers looking to break in to the suburb near the train line, with village shopping and top schools.
“If you look at why people are leaving Melbourne, it’s because it is too expensive and in Geelong they can get a much better home for a cheaper price,” Ms Conisbee said
“I think Newtown is cool at the moment.
GEELONG’S MOST IN-DEMAND STREETS
|1||Autumn St, Newtown|
|2||Bond St, Newtown|
|3||Braemar Crescent, Newtown|
|4||Brice Ave, Newtown|
|5||Buckingham Rd, Newtown|
|6||Cairns Ave, Newtown|
|7||Clarke St, Newtown|
|8||Cook St, Newtown|
|9||Craigie Rd, Newtown|
“The fact you’re spending less on a new house and getting a top quality education would be very attractive.”
Newtown agent Dale Whitford said it was clear buyers were looking for affordable options, but sellers were getting the benefits also.
Sales are setting street records and high land rates, with prices growing disproportionately greater than on the hill, he said.
“Traditionally in Newtown there’s been the view that on the hill — streets such as Virginia St, Retreat Rd and Aphrasia St — is where people want to be,” Mr Whitford said.
“When we had the Melbourne influx start six, eight years ago, people came down to the Chilwell area, where the school is and thought it was great, a bit like Maling Rd, Canterbury or Bridport St in Albert Park.
“It had a sort of village feel. That’s bought a lot of demand and supply hasn’t kept pace, so prices have moved.”
River end Newtown also felt that benefit, as do areas like Roxby St, Manifold Heights, and parts of Geelong West, South Geelong and East Geelong.
Education played a big part in Newtown’s popularity.
“In Newtown at least 60 per cent (of purchases), maybe higher, would be generated or motivated by education,” he said.
“In the Chilwell pocket, because you’re in the Chilwell Primary School zone and the St Roberts zone — and they’re enforcing those zones because of the demand — people are paying a premium to be here.”
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