The PropTrack Regional Australia Report was released in December and provided some interesting insights into the Geelong market over the past 12 months.
Demand for property fell 37% last year with the full lifting of pandemic restrictions and consecutive interest rate rises making their mark.
The time on market increased from 19 days to 44 days which is to be expected when demand drops and buyers have time to research, compare and negotiate.
The median house price for Geelong dropped by 4.9% overall since its covid boom peak in 2021 but the great news is that the median price is still a whopping 33% above 2019 levels.
This figure reinforces that real estate will always be a solid investment in the medium to long term and can ride out even the most unprecedented world events. With interest rates likely to climb a bit further this year, we anticipate a plateau on pricing for the remainder of the year and a likely return to normal market conditions heading into 2024.
On this basis, 2023 should be a great year to enter the market or buy that investment property you have been thinking about
If we can assist you with any real estate matter, please contact one of our dedicated team.
Until next week,
Nick Lord (Director)