The figures are in and 2021 was an extraordinary year for property growth in Geelong and surrounds.
The average median house price across Geelong rose 23.5% in the 12 months to December 2021. As expected the Bellarine Peninsula fared even better with Drysdale increasing by 71% and Portarlington 57.6%. Most of the larger suburbs hovered at or just below the average – Armstrong Creek 24.9%, Belmont 23%, Corio 19.5%, Grovedale 17.7%, Highton 23.3%, Leopold 23.5%, Newtown 23.2% and Norlane 19.4%.
Taking the average increase of 23.5% and applying it to a $600,000 home produces an increase of $141,000 to $741,000 in a matter of 12 months, which equates to a DAILY rise of $386.00.
This is great news for sellers, investors and for borrowers looking to use a home as collateral for home improvements or a vehicle or similar.
If you fall into any of those categories and would like to know what your home is worth we would be happy to assist you with obligation free advice.
Until next week,
Nick Lord (Director)