The September quarter figures for house prices have just been released and the result for regional Victoria may come as a surprise to some but certainly not to us, as we continue to experience strong and steady demand for housing in 2020.
The median house price for regional Victoria shot up by a massive 5.1% between July and September, which is a rate of growth more usually seen in a full year, not 3 months. And with the warmer weather heading into summer we see no signs of the market cooling off as we watch properties being snapped up within days of listing and multiple offers being made on the one property.
The inability to conduct open houses has meant our agents are kept busy conducting private inspections, which tends to filter the buyers to those who are genuinely committed to buying and not just those weighing their options. This helps our agents to pinpoint the buyer more quickly and go to work negotiating the best outcome for our seller.
If you are thinking of selling, there is no reason to delay on the basis of any perceived uncertainty in the market. Geelong has proved itself resilient time and time again over the decades and we anticipate that 2021 will see even stronger growth.
Until next week,
Nick Lord (Director)