You could be forgiven for thinking the real estate market is in freefall based on the endless stream of media commentary pushing the doom and gloom narrative but nothing could be further from the truth in Geelong.
A quick review of median house prices shows a vastly different picture with substantial growth across the last 12 months. Of 12 randomly selected suburbs:- Norlane, Newcomb, Belmont, Grovedale, Highton show a median house price increase of over 10% in the past 12 months. Geelong West, Whittington, Armstrong Creek increased by over 15%. Corio, Hamlyn Heights, Newtown, Wandana Heights increased by over 20%. A few years ago it would have been inconceivable to predict the median house price for Corio would exceed $500,000 or that Newcomb’s would be $615,000.
Supply and demand continues to readjust post Covid. We have seen a slight dip and pause during winter but as the market gears up approaching summer we expect prices to realign to Geelong’s more traditional rate of growth.
If you would like a suburb snapshot of your area, please don’t hesitate to contact one of our team.
Until next week,
Nick Lord (Director)