In the wake of the Reserve Bank’s tenth consecutive interest rate rise, we thought it timely to have a look at what effect, if any, these have had on median house prices* in Geelong over the past 12 months.
The results were a mixed bag to say the least. Some suburbs forged ahead with very strong growth (North Geelong 10.4%, Geelong West 8%, Corio 9.5%, Waurn Ponds 6.6%) whilst others recorded modest growth (Armstrong Creek 3.6%, Highton 4.4%, Hamlyn Heights 3.2%, Herne Hill 3.2%, Norlane 2.7%).
Belmont, Newtown, Whittington, Newcomb and Geelong all recorded small drops in their median house prices ranging from -1% to -2.5%.
The Geelong market is always resilient and consistently defies the gloomy predictions of property analysts in the media. If you would like to know what your property is worth, or how your suburb fared, we would be happy to assist you with further information or an obligation free market appraisal.
Until next week,
Nick Lord (Director)