Geelong Leads The Way

Yesterday the Herald Sun published an analysis of the REA Insights Regional Australia Report 2020 which showed that regional Victoria is closing the pricing gap with Melbourne with particular focus on Ballarat, Bendigo and Geelong where the market is booming and the upward trend is expected to continue. With Melbourne buyers back in the market (as discussed last week) we anticipate that growth to spike over the next couple of months.

The report also concluded that Geelong was the nation’s most successful regional area during the past 5 years with population growth at 14% and housing prices jumping a mammoth 43 percent ahead of 2015 levels.

If you bought prior to 2015, or haven’t had an estimate of value since then, you may be surprised at what your home is worth. We’ve seen some auctions in the last couple of weeks exceed their reserves by upwards of $100,000. A property we auctioned in Belmont last
weekend sold for $105,000 over reserve with spirited bidding from several parties (and without Melbourne buyers who were still locked out).

It’s a great time to sell in Geelong and we are very fortunate to be right in the thick of it.

Have a great weekend!

Until next week,
Nick Lord (Director)