During this unprecedented period in global history it is important to focus on the positives and one of those is the resilience of the property market during a crisis, and in particular the Geelong market. Comparisons with the Global Financial Crisis are inevitable, with the volatility of the stock market and talks of a global recession but when we recall 2008 we remember a period of stability in the Geelong market as people turned to the investment they trust best – bricks and mortar.
Whilst the GFC saw significant job losses, many of those were in Melbourne and the effect of that was to push buyers out of the Melbourne market and into the more affordable Geelong market, which also served to shore up prices. With interest rates at historic lows, combined with the uncertainty of the stock market, we can’t help but be positive about the Geelong market. We all need a roof over our heads, whether buying or renting, and those lucky enough to have surplus funds would be looking to property as their preferred investment in these challenging times.
We have a comprehensive list of open homes this weekend and are optimistic of a successful weekend of selling.
Stay safe and we hope to see you out and about.
Until next week
Nick Lord
Director