
January 2025 Market Update
As we step into 2025, Geelong's real estate market shows promising signs of recovery while facing unique challenges. Here's an overview of the latest trends and forecasts shaping the region's property landscape.
1. Positive Finish to 2024
The PropTrack Home Price Index reported a modest 0.45% increase in Geelong dwelling values during the final quarter of 2024, bringing the median house value to $723,000. Both houses and units experienced growth, a welcome sign after months of decline. However, values remain 2.83% below the same period in 2023, indicating room for further recovery.
2. Suburb Performance Highlights
Several suburbs recorded notable value increases, with Manifold Heights, St Albans Park, Bell Post Hill, Lovely Banks, and Hamlyn Heights leading the way. House values in these areas rose between 1.3% and 2.1%, translating to gains of $11,000 to $18,000. In the unit market, Lorne, Ocean Grove, Leopold, and Whittington also saw significant appreciation, with rises between $600 and $59,000 over the last three months of 2024.
Despite these gains, median values remain below 2023 levels in most areas, underscoring the importance of realistic pricing strategies for sellers.
3. Increased Market Activity
Investor confidence returned to the Geelong market in late 2024, with second and third-home buyers becoming more active. This activity was particularly evident in properties priced between $800,000 and $1.5 million, a segment seeing increased traffic at open homes and quicker sales for well-priced listings.
4. Interest Rate Expectations and Market Forecasts
Economists predict an interest rate cut within the first half of 2025, which could boost borrowing power and drive property prices higher. This anticipated rate adjustment is expected to attract more first-home buyers and upgraders, adding momentum to Geelong's market recovery. However, the 2025 forecast from Propertyology suggests a cautious outlook, with house price movements projected between -2% and 1%. The surge in available housing stock, coupled with a decline in transaction volumes, continues to temper market activity.
-
about 1 month ago2024 Real Estate Wrap Up
-
3 months agoOctober Update 2024
-
4 months agoSeptember Update 2024