After a sustained period of unprecedented growth the Geelong market is finally showing signs of cooling. This is no surprise to agents who have been in the industry over decades and understand that the ebbs and flows are the inevitable result of prevailing factors which impact supply and demand. In this instance inflation, the predicted rise in interest rates,
the looming federal election and the gradual return to a pre Covid normal have served to dampen buyer demand from the red hot sentiment of the past 18 months. Geelong tends to buck the trends of the capital cities. A cooling market here usually entails a slight dip in pricing before a plateau and then the market resets and continues on its gradual upward trend. What this means for sellers in the meantime is a more sustained period of time on the market to achieve the desired outcome. Buyers will have more choices, do more research and feel less urgency. And although it seems counter intuitive, the first offer on a property will often be the best offer when the home first hits the market and interest levels are at their highest.
Our team has decades of experience in the (almost) 30 years we have been established and we have successfully negotiated our way through every market in that period. Our commitment remains the same – to get the highest price possible for our clients and to be the hardest working agents in the region.
Until next week,
Nick Lord (Director)