CoreLogic’s Home Value Index for November shows Geelong housing values were up $180,000, having risen 26.3 per cent over the past 12 months. This is great news for sellers but as the weather warms and we enter the summer months buyers can expect to see a degree of cooling in pricing, with opportunities to enter the market in a less competitive space. As more properties come onto the market buyers will have more choice and this is resulting in a softening of prices.
We are unlikely to see negative growth but expect that the market will plateau somewhat after such a strong period of growth, driven by factors such as lifestyle, affordability and remote working arrangements bringing emphasis to regional areas.
Traditionally December is a very busy month for us, as buyers scramble to finalise a purchase prior to Christmas. January sees some lull as holidays and back to school shift the focus, but by February and certainly during March we expect to see a surge in new properties coming onto the market and predict that the first quarter of 2022 will be a very good one for both buyers and sellers in our region.
Enjoy the warmer weather!
Until next week,
Nick Lord (Director)