Lately it’s not unusual to see headlines in the local media of price records being smashed in Geelong and surrounding coastal regions. A recent record was smashed for a house price in Belmont and throughout 2020 records have been set in Newtown, along the Geelong waterfront and on the Bellarine Peninsular, specifically Barwon Heads.
We auctioned a property in Portarlington over the weekend at 118 The Esplanade with absolute sea frontage and we were staggered by the interest shown. 7 bidders fought it out with the hammer eventually coming down for an incredible $325,000 over the reserve price. It wasn’t until Monday that our auctioneer finally came down to earth!
These are anecdotal, but they highlight a very particular trend – upwards. After the uncertainty of last year, one thing has remained constant – the strong and steady rise of Geelong’s median house price across all suburbs.
We are reasonably confident that 2021 will not see the same restrictions as last year, so we anticipate a robust and strong market here in Geelong for the foreseeable future.
Enjoy your weekend and best of luck to all the school kids going back to school for Term 1.
Until next week,
Nick Lord (Director)