/The Geelong suburbs where buyers can snare a cheapie

The Geelong suburbs where buyers can snare a cheapie

40 Dunloe Ave, Norlane is selling for $379,000-$411,000.

HOMEBUYERS might be struggling to find properties under $400,000 in capital cities, but the price bracket is entrenched in some of Geelong’s cheapest suburbs.

But CoreLogic research for Aussie Home Loans revealed rising house prices has meant that buyers needed deeper pockets to break into many affordable areas.

RELATED: Fast train among budget boost for regional housing markets

Old money still the best bet in Highton

Young buyers snap up South Geelong homes

43 Anthony St Newcomb is selling for $370,000-$400,000.

Norlane is Geelong’s cheapest suburb, but the median house value climbed 128 per cent in a decade to $365,320.

Urban renewal and buyer demand, particularly from investors, pushed Norlane’s value to within $3000 of prices in neighbouring Corio.

Geelong’s top 20 cheapest suburbs, houses by median value. Source: CoreLogic

About 72 per cent of house sales are for less than $400,000 in these suburbs, with more than half also in Whittington.

But the report shows houses in most of Geelong’s affordable suburbs was now between $400,000 and $600,000.

Geelong’s top 20 cheapest suburbs, units by median value. Source: CoreLogic.

Marshall, Bell Post Hill and Newcomb is the best bet between $400,000 and $600,000, with 87, 85 and 81 per cent of sales in that bracket respectively.

Harcourts, North Geelong agent Joe Grgic said buyers look according to their budget and where they’re happy to live.

8 Curlew Crescent Norlane is on the market for $360,000.

“Typically, $400,000 is where some first-home buyers will start usually, when they’ve got a reasonable deposits and a reasonable jobs that they’ve been in for a while,” he said.

“They’ve bought a three-bedroom house and they will rent a room or something to get by.”

He said most people were well informed about the market.

61 Neptune Ave, Newcomb is selling for $399,000.

“We often get people from a suburb saying I can’t believe people are paying this price for our neighbourhood.

“The funny thing is though they want every cent of it when they come to sell.”