New data released from PropTrack (part of the REA group) reveals that the Geelong median house price has doubled in 10 years, from $385,000 in 2013 to $770,000 in 2023. Geelong has outperformed Melbourne (13 years to double) and Australia as a whole (15 years to double) which makes it one of the best performing regions in the country for capital growth. Whilst this is partly attributed to a Covid influenced move to the regions, the data shows that Geelong has experienced strong growth for many years.
In terms of outlook, we expect that Geelong will continue to experience steady growth and remain one of the country’s best performing markets. Demand is strong, and a limited supply at present is ensuring that prices remain buoyant.
Getting a foot on the property ladder is a daunting thought, but it’s been an undisputed truth for many years that waiting for prices to drop significantly is a long and mostly futile exercise. Buying as soon as possible and then tracking your own property’s growth in the future should be the aim of most potential buyers.
Until next week,
Nick Lord (Director)