As the cold weather sets in, the Geelong market is slowing, which is not surprising considering the last 2 years of unprecedented growth. The extraordinary conditions which emerged during the pandemic are not sustainable in the medium to long term and what we are seeing now is a realignment back to the normal ebb and flow of the Geelong real estate market.
Conditions are never as bad (or as good) as the media would have you believe. Extreme predictions sell newspapers and provide click bait, but invariably, the truth lies somewhere in the middle. The market has paused, but pricing is still at levels far above those obtained pre 2020. Geelong has always been insulated from dramatic drops that may impact capital cities. Affordability, the lifestyle on offer, proximity to Melbourne and the beaches and the move to remote working for many will always ensure Geelong pricing remains relatively stable until the market resumes its gradual upward trend.
In the meantime, sellers can expect to have longer days on the market and perhaps some slight adjustment to the initial asking price. Buyers can expect more choice and more time to research before committing to a purchase.
If we can help you with any real estate matter, please don’t hesitate to contact one of our dedicated sales agents.
Have a great weekend!
Until next week,
Nick Lord (Director)