We hope you had a great Christmas. We are back in the office and looking forward to the year ahead. The Geelong market in 2023 saw some minor correction to the unprecedented upswing which occurred during and immediately after the pandemic but we expect that continuing high demand will see capital growth return to its usual rate of increase (about 6-7% pa).
Interest rates are forecast to steady this year, with cuts expected in the latter half of 2024, and in good news, the mortgage cliff (fixed low rates reverting to the higher variable rate) did not impact borrowers to the degree predicted, with households managing to withstand the budget squeeze.
Rental vacancy rates are still at historical lows, which is great for investors looking to enter the market.
Geelong is a great place to live. Affordable housing, world class educational and health services, a picturesque waterfront, and a strong commercial and retail heart all sit within an hour’s drive of Melbourne and a 30 minute drive to the beaches of the Surf Coast.
We hope to see you in 2024 to help you realise your property dream.
Until next week,
Nick Lord (Director)
