We are exactly one month out from Christmas, which is hard to believe. The year has absolutely flown by.
The market is still in a period of adjustment following the Covid boom which saw median house prices skyrocket to unprecedented levels. Properties at the entry price level are still experiencing very strong demand from first home buyers and investors but higher priced properties are notching up longer days on the market and are subject to more intense negotiation, as interest rate rises throughout the year take a toll.
The rental market is very tight, with limited availability and Geelong’s vacancy rate sitting slightly below the national average for most of the year. Enquiry is through the roof and properties are flooded with applications within hours of listing. This is great news for investors seeking an immediate return on their investment.
We expect these market conditions will continue throughout December and into the early weeks of 2023. February is usually when we see the market gear up a notch, once holidays are over and the school year commences.
Have a great weekend and if we can assist you with any real estate matter, please contact one of our dedicated team.
Until next week,
Nick Lord (Director)