Geelong suburbs where buyers are negotiating discounted sales By Nicole Mayne

 

Driving a hard bargain has become much trickier in Geelong’s firing property market but there are still a handful of suburbs where savvy buyers are negotiating discounts. 

New realestate.com.au data shows vendor discounting has dried up in most parts of the region as demand continues to outstrip supply. 

But it reveals two popular neighbourhoods and several coastal towns where sellers have still been prepared to come to the negotiating table. 

Buyers scored the biggest discounts in Manifold Heights, where vendors typically shaved 2.7 per cent, on average about $22,000, off the original asking price of private sales. 

Inner-city Geelong homeowners also agreed to a typical price reduction of 2.3 per cent. This equates to almost $21,000 if it was applied to the median house price of $905,000. 

Huge lifestyle demand has slashed the number of days properties spend on the market along the coast but the data shows buyers have scored discounts of 2 per cent or $32,000 in Lorne, with Indented Head (2 per cent), Queenscliff (1.3 per cent), Point Lonsdale (1.3 per cent) and Portarlington (1.1 per cent) close behind. 

Buxton agent Ben Riddle said low vendor discounts in most suburbs reflected Geelong’s current “unnatural market”, where historically low stock levels and huge demand favoured sellers who were reaping rewards despite the dynamic shifts of Covid. 

“It’s not a normal market, it’s a market that’s got compromises everywhere when it comes to people buying and being able to buy,” Mr Riddle said. 

“It’s got restrictions with where the buyers are coming from and who can look and who can shop and again we have got an oversupply of buyers and an under supply of stock because vendors are holding on their stock and aren’t prepared to release it until they’ve got the full gamut of buyers. 

“So it’s a market that favours sellers because the sellers that are on the market don’t have a high level of competition which means that you don’t need to discount.” 

RT Edgar, Bellarine agent Felix Hakins said there had been a notable surge in demand on the Bellarine Peninsula with some exceptional results giving many vendors the confidence to hold out for top dollar. 

He said a recent news story about Queenscliffe Borough leading the nation’s vaccination race had triggered yet another spike in inquiry. 

“We just sold one for $150,000 above our range … people are looking at that and saying we’re able to wait around,” Mr Hakins said. 

“There is a lot of confidence going around but there’s still that uncertainty of what is going to happen.” 

He said with many homes in the area quickly snapped up, the first question he always asked vendors was whether they had somewhere else to go. 

The average Portarlington listing is selling in 48 days, compared to 126 this time last year, while the figure has fallen from 83 to 48 days in Queenscliff. 

Geelong suburb with vendor discounts 

Manifold Heights: 2.7 per cent ($22,290) 

Geelong: 2.3 per cent ($20,815) 

Lorne: 2 per cent ($32,000) 

Indented Head: 2 per cent ($13,600) 

Queenscliff: 1.3 per cent ($17,550) 

Point Lonsdale: 1.3 per cent ($14,300) 

Portarlington: 1.1 per cent ($8,360) 

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