When you’re looking at property in Geelong, it’s easy to focus on one number: the asking price.

But price alone doesn’t tell you whether you’re getting good value.

I’ve seen buyers walk away from properties because they felt the price was too high, only to find themselves competing heavily for another property a few weeks later because it offered the right combination of location, land, accommodation and condition.

The reality is that good value isn’t always the cheapest property.

In the current Geelong market, I believe buyers need to look beyond the price tag and understand what they are actually buying.

What does “good value” really mean?

A property represents good value when the price makes sense for what the property offers — today and potentially into the future.

That doesn’t necessarily mean buying the cheapest house in the suburb.

It might mean paying a little more for a better location, a more functional floorplan, a larger block, better natural light, fewer renovation requirements or stronger resale appeal.

This is particularly important in a market where buyers are becoming more selective.

Recent Geelong sales have shown that while some properties are highly price-sensitive, homes that offer the combination buyers are looking for can still attract strong competition. In May, for example, properties in South Geelong and Belmont sold quickly after attracting multiple interested buyers.

So, how do you work out whether a property is actually good value?

1. Start with the location — not the house

You can change a kitchen.

You can renovate a bathroom.

You can repaint, landscape and improve a home.

You can’t move the property.

That’s why I always encourage buyers to look carefully at the location before becoming too emotionally attached to the house itself.

Consider:

• How close is it to shops and everyday amenities?
• What are the local schools like?
• How easy is it to access Geelong CBD?
• Is public transport convenient?
• What is happening around the suburb?
• Does the street have strong owner-occupier appeal?
• Is the property well positioned within the suburb?

Two houses can have very similar floorplans and prices but offer completely different long-term value because of their position.

This is one of the reasons I don’t believe in simply identifying a “cheap suburb” and assuming every property within it represents good buying.

2. Look at the land, not just the house

For houses, the land component matters.

A beautifully renovated home on a difficult or compromised block isn’t necessarily better value than a more modest home with a strong block and better position.

Think about:

• Block size
• Shape and usability
• Orientation
• Frontage
• Access
• Parking
• Outdoor space
• Privacy
• Potential for future improvements

Of course, a larger block doesn’t automatically make a property better.

The question is whether the land adds something meaningful to the property and whether buyers are likely to value those characteristics when you eventually sell.

3. Don’t underestimate a good floorplan

This is something buyers can sometimes overlook because they become focused on finishes.

A beautiful kitchen is great.

But if the bedrooms are poorly positioned, there isn’t enough storage, the living spaces don’t work for the household or the bathroom arrangements are impractical, those expensive finishes don’t necessarily make the property good value.

I look closely at how a property actually functions.

Can a family live comfortably there?

Is there separation between living and sleeping areas?

Is there enough storage?

Is there useful outdoor space?

Could the home still work if the buyer’s circumstances change?

A functional floorplan can be far more valuable than a house that simply photographs well.

4. Work out how much the property is really going to cost you

This is where I think buyers can get caught out.

A property might look cheaper because it needs $100,000 worth of work.

Another property might cost more upfront but require very little immediate investment.

Neither is automatically the better purchase.

You need to understand the total cost of ownership.

Consider:

• Renovations
• Structural work
• Roofing
• Electrical and plumbing
• Heating and cooling
• Landscaping
• Fencing
• Maintenance
• Compliance issues
• Time required to manage the work

There is also a cost that doesn’t appear on a building quote: your time.

If you’re working full-time, have a young family or simply don’t want to spend the next two years coordinating trades, a property requiring significant work may not actually be the bargain it first appears to be.

5. Compare the property with the right properties

This is one of the most important parts of determining value.

A property shouldn’t be assessed against the cheapest house that sold in the suburb.

It needs to be compared with similar properties.

That means looking at things such as:

• Similar land size
• Similar bedroom and bathroom configuration
• Similar condition
• Similar location
• Similar age and style
• Similar level of renovation
• Similar parking and outdoor space

This is why a suburb median is useful, but only up to a point.

The median tells you something about the market overall.

It doesn’t tell you what a particular property should be worth.

6. Understand why some properties attract competition

This is becoming increasingly important in Geelong.

The market isn’t necessarily competitive for every property.

Some homes can sit on the market and become increasingly price-sensitive.

Others attract buyers very quickly.

Recent examples in South Geelong and Belmont illustrate this difference. A character home in South Geelong sold quickly after multiple offers, while a four-bedroom Belmont property sold for $1.115 million after buyers made offers before the scheduled auction.

More recently, a renovated five-bedroom home in East Geelong attracted multiple qualified bidders and sold for $1.15 million, despite the broader Geelong auction market being subdued.

The lesson isn’t that buyers should pay whatever it takes for a renovated property.

It’s that buyers are still prepared to compete when a property meets enough of their requirements.

7. Don’t confuse “cheap” with “good value”

This is probably the biggest mistake I see buyers make.

A property can be cheap for a reason.

Perhaps it’s poorly positioned.

Perhaps it needs substantial work.

Perhaps the layout is compromised.

Perhaps there are planning, access or surrounding-property issues.

Perhaps there simply isn’t strong demand for that type of property.

On the other hand, a property can appear expensive compared with the suburb’s median but still represent reasonable value if it offers characteristics that are difficult to replicate.

The question I would ask is:

“If I had to sell this property in five or ten years, what would make another buyer want it?”

That’s a much better question than:

“Can I get it for $20,000 less?”

So, what should Geelong buyers be looking for?

There isn’t one formula that works for every buyer.

A first-home buyer, an investor and a family looking for their forever home will all have different definitions of value.

But generally, I would be looking for a combination of:

Good location + functional property + desirable land + manageable condition + realistic price.

If you can find those characteristics together, that’s when a property becomes interesting.

And sometimes, that means moving quickly.

Not because of FOMO.

Because you’ve done the work beforehand and understand why the property represents good value.

The property I’d rather buy isn’t necessarily the cheapest

One of the biggest advantages of having a clear buying strategy is that you don’t have to treat every property as an opportunity.

Sometimes the best decision is to walk away.

If a property is overpriced, compromised or doesn’t fit your brief, there is no prize for winning it.

But when the right property comes along, you also need to recognise that value isn’t always found by negotiating the lowest possible price.

In a selective market like Geelong, the better question is not “How cheaply can I buy this?”

It’s:

“What am I getting for the price, and is it likely to remain desirable to the next buyer?”

That’s where good property decisions are made.

Thinking about buying in Geelong?

Whether you’re buying your first home, upgrading, downsizing or looking for an investment, understanding value before you make an offer can save you from both overpaying and missing a genuinely good opportunity.

If you’re unsure whether a property is actually worth pursuing, an independent buyer’s agent can help you assess the property, the competition and the numbers before you make a decision.

The goal isn’t to buy the cheapest property. It’s to buy the right property at the right price.