Media reports paint a glowing picture of the Geelong market, and we have experienced first hand this year the overwhelming demand for residential property in Geelong and surrounds, particularly in the first home buyer bracket. Auction reserve prices are being significantly exceeded and private sale properties are more often delivering results over and above the quoted asking range.
A quick glance at 10 of the more populous suburbs of Geelong show the following increases in the median house price during the 12 months to July this year:-
St Albans Park 20%, Belmont, Highton, East Geelong 17%, Norlane, Geelong West 15%, Corio 11%, Grovedale 10%, Whittington 8%, Newtown 6%*
The median increase across all suburbs of Geelong was 12% with only one suburb producing negative growth. So a home worth $500,000 in June last year would be expected to bring $560,000 or more if put on the market now.
If you have not had an appraisal in the last 12 months and would like one for any reason, we’d be more than happy to give you our considered option. You might be surprised!
Until next week,
Nick Lord (Director)
* Source REA