Market Update Spring 2020

For the past several years, the Geelong market has been one of the best performing in all of regional Australia. 2020 has been no exception, despite the unique and challenging circumstances we have faced this year. A look at some of the stats for the 12 months to June 2020 indicate that the Geelong market has continued to grow with a 2.6% increase in the median price of houses across the region and a 5.9% increase for units, which has defied the trends in our capital cities and the gloomy predictions of market analysts.

The 5 year growth in prices to June 2020 is even more impressive, with a 42.7% increase to median house prices and a 32.4% increase to median unit prices.The future is bright, especially considering also the record breaking number of land sales we have transacted this year. With the warmer weather approaching and spring already here, there is so much reason for optimism, and even more so when restrictions are eased (hopefully soon!).

Until next week,

Nick Lord