The Geelong market has continued its strong growth this year, with figures from Corelogic showing an increase of 25.2% in the median house price and 27.8% in the median unit price over the past 12 months.
As Melbourne exits lockdown we expect this growth to continue in the short term, but it is uncertain whether this trend will continue in the medium to long term. Whilst housing affordability is likely to constrain growth, Geelong is well placed to buck the trend for a bit longer based on its affordability, liveability and its proximity to Melbourne for commuters or those looking to work from home on a more permanent basis. We expect that prices will eventually plateau with growth returning to more normal pre-pandemic levels.
If you are thinking of selling and capitalising on this hot market, there is still plenty of time in the lead up to Christmas to schedule an auction. With the relaxation of rules relating to auctions and open for inspections there is no reason to hold back and every reason to list right now. Our dedicated team would be happy to have an obligation free chat with you and provide a written market appraisal. You may be surprised at what your home is worth in this market!
Enjoy your weekend.
Until next week,
Nick Lord (Director)