If you have bought a house and land in Geelong in October last year, know that its price has increased by 11 per cent to $588,000 based on industry figures. An average apartment’s value in the city also rose by 15.6 per cent to $420,000. Property experts suggested that the increase reflected the increasing preference among buyers to find alternative places near Melbourne, where prices continue to be expensive despite lower median values in October.
Some buyers are still willing to pay the price for a property in Geelong since it’s near Melbourne. The auction clearance rate reflects this activity with 60% of properties sold through a bidding process. The high clearance rate doesn’t mean that there are a limited number of listings.
In fact, investors have flocked to the city for a potential venture, and some of them are coming from Melbourne. These people know that the capital city could be unpredictable in terms of price movement. The Melbourne market registered a 4.7 drop in home prices to $665,044 as of October. Experts believe that it may continue to fall in the coming months.
Timing the Market
Those who remain decided to buy a home in Melbourne should have to wait and choose the right time. The market reached its peak in late 2017, so prices have fallen steadily since then. Median values could decline by up to 10 per cent before a recovery becomes noticeable. Given these figures, it’s up to buyers if they want to wait it out and gamble on the prospect of acquiring a home in Melbourne for a smaller price.
If you plan to buy a home in Geelong, there are several mixed-use property developments that have convenient access to different amenities such as schools and leisure centres. Even if median values have risen recently, prices are still affordable compared to Melbourne.