Geelong Corridor

The Geelong Growth Corridor experienced a significant decline in activity during Q2 2023, following moderate growth in the previous quarter. Gross sales plummeted by 26% to 134 lots, and new supply contracted even more drastically by 48% to 147 lots. These figures represent lows in both sales and releases not seen in more than a decade. Consequently, the growth corridor accounted for just 6% of total lot sales.

Affordability remains a pressing concern, with median per square metre rates in the sub-markets of Armstrong Creek, Bellarine, and Geelong all approaching $1,100 – making them more expensive than many growth areas in Melbourne. This occurred despite the median lot size across the growth corridor decreasing by 14.3% to 355sqm. However, the median lot price only experienced a modest 2% to $386,950.

Owner occupiers constituted a significant 59% share of purchasers in the Geelong Growth Corridor, with a relatively small proportion being first home buyers at 42%. Just under 50% of all purchaser households were couple with children, with 25-34-year-olds slightly more prevalent, accounting for 43% compared to those aged between 35-49-year-old, representing 38%.

Approximately 52% of purchasers desired a single-storey home, while 35% of purchasers intended their home to be between 21sqs and 25sqs.

134 Gross Lot Sales

A significant decline in activity.

355sqm Median Lot Size

Affordability remains a pressing concern, placing downward pressure on lot sizes.

147

New Lot Releases

A decade low level of new lot releases.

$386,950 Median Lot Price

A relatively moderate change given the reduction in median lot size.