Spring jump for Geelong home prices: PropTrack Home Price Index
More buyers have turned the spotlight on Geelong as new data reveals home prices went against trends seen in Melbourne and regional Victoria.
Geelong home prices have finished spring in positive territory, new housing data reveals.
PropTrack’s latest Home Price Index shows Geelong dwelling values climbed 1.22 per cent to $728,000 in the three months to the end of November.
The report marks three consecutive months of positive price growth for Geelong homes amid mounting evidence the city could have passed the bottom of the market.
The positive result comes on the back of rising strength in the median value of houses, which rose 1.44 per cent throughout spring to end on $758,000.
The median house value is now just 2.6 per cent below where it reached the same time in 2023.
RELATED: Geelong’s top suburbs predicted for growth revealed
Surprise generation that will make Boomers look poor
Joe Rogan’s stunning admission about Australia
The small bounce in prices over spring comes despite a big rise in properties being listed for sale and comes are Melbourne and regional Victoria both recorded falls in November.
Consistently since Grand Final Day there has been at least 700 more properties listed for sale than the same time last year.
But increasing attention in the Geelong market from investors is showing buyers are increasingly confident now is the time purchase at the bottom of the market.
Whitford, Newtown director John Moran said an increasing number of buyer advocates were at play in the market, acting for investors, including people from Melbourne and interstate.
“We’ve seen buyers from other states as well, in terms of advocates acting for buyers because they think we’re at the bottom of the market,” Mr Moran said.
“You’re not going to get a better time than to buy them now, so they’re all starting to come in here and try to snap up properties at the bottom of the market.
“Townhouses are proving quite difficult to sell, but a house with a bit of land is good, especially if they’re neat, well presented, easy to rent out.”
Mr Moran said the outlook is positive for the region in 2025, echoing an earlier report suggesting an interest-rate cut would awaken buyer demand.
“I think next year is going to be a completely different year to what we’ve seen this year,” Mr Moran said.
“Obviously for the first part of this year there was still hanging over our heads potentially another interest rate rise.
“We’re not going to have that next year, it’s be a countdown to when is the first drop and I think the closer we get to that, the more buyers will start entering the market.”
Hayeswinckle director Michelle Winckle said sellers that had recognised the correction in the market from higher post-Covid prices were being rewarded with stronger interest in their properties and quicker sales.
“I don’t know if it’s turned or it’s just the fact that people are pricing their homes accordingly,” she said.
PropTrack senior economist Eleanor Creagh said while housing demand had remain resilient to persistent affordability constraints, the overall pace of home price growth has slowed amid a flood of stock, although performance has varied across markets with differing supply and demand conditions.
“The increase in properties hitting the market has been a contributor to slowing price growth, along with affordability constraints and the sustained higher interest rate environment,” she said.
“In the period ahead, home prices are expected to lift, though the pace is expected to remain softer trailing the strong growth in prices over recent years.”
Originally published as Spring jump for Geelong home prices: PropTrack Home Price Index