There are definite signs that the market is finally cooling after an unprecedented period of growth throughout 2021 and 2022.
A surge in properties coming onto the market, combined with uncertainty surrounding a rise in interest rates, current events in Europe and a looming Federal election have seen buyer demand ease over the last few weeks.
What this generally means for Geelong sellers is an increase in time on the market. Geelong has traditionally bucked the trends of capital cities in that prices don’t tend to drop significantly but rather plateau, and the time on the market extends until the right buyer comes along at the hoped for price level. Unrealistic vendors, expecting the conditions of the past 2 years (ie, continually inflating prices) will hold back from selling and in turn this will diminish supply and create more competition once again, and the market should, as usual, return to its usual rate of growth.
Enjoy your long weekend!
Until next week,
Nick Lord (Director)