Gil King, Real Estate Institute of Victoria chief executive officer
With the state and federal elections out of the way, an interest rate cut, first-home buyer incentives and a relaxing of lending criteria, now is the time to get in to Geelong’s property market.
The Real Estate Institute of Victoria is expecting the market to pick up in the second half of 2019 and buyers should have greater options as more listings are expected to hit the market.
While metropolitan Melbourne’s property market has been subdued in the past 12 months, with the median house price dipping .6 per cent, regional Victoria has fared better with a 5.2 per cent increase in the median house price in the 12 months to 31 March 2019.
And Geelong was the star, with the City of Greater Geelong recording an annual increase in the median house price of 8.7 per cent to $565,000.
The stand out performer was St Leonard which recorded a huge 45.7 per cent increase in its median house price between March 2018 and March 2019 to now be sitting at $597,500. Drysdale recorded a 29.4 per cent increase in its median house price to $562,750, while Whittington’s median soared 27.4 per cent to $416,000.
Fourteen other Geelong towns reported median house price rises of at least 10 per cent. On the list was St Albans Park with a 19.3 per cent increase to $477,000, North Geelong, with an 18 per cent rise to $529,500 and Lovely Banks which recorded a 17.3 per cent increase to $557,000.
The median house price in Armstrong Creek went up 15.6 per cent, Corio’s increased 12.5 per cent, Curlewis’ median house price climbed 16.3 per cent, Marshall gained 14.5 per cent on its median, Grovedale’s rose 13.6 per cent, Waurn Ponds gained 13.3 per cent, Point Lonsdale recorded a 13.1 per cent rise, Thomson’s went up 12.1 per cent, Bell Park’s and Lara’s both went up 11.8 per cent and Newcomb’s increased by 11.2 per cent.
You can use the REIV’s website to source detailed market information on your town, go to reiv.com.au/market-insights