Geelong on the rebound
Geelong house prices are at the highest levels since mid-2011, according to a report from PRDnationwide.
Research by the real estate agency shows prices have rebounded in the wake of the federal election, although the number of transactions in the area has decreased over the past 12 months.
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“Whilst there have been fluctuations in the number of sales transactions across both detached housing and unit markets over the past decade, we have seen the median price show a consistent and continual improvement,” PRDnationwide research analyst Jake Beazley said.
He said buyers were attracted by the robust industrial sector, favourable location and easy access to Melbourne and other regional centres.
These prices come despite cuts to manufacturing and processing plants in the area.
“This should give owners and investors in the region great confidence that the value of their properties will continue to appreciate despite outside influences, with this notable resilience to difficult times keeping sales activity reasonably constant,” Mr Beazley said.
Buyer interest has also been strong, according to PRDnationwide principal Peter Fort.
“A key indicator for a market on the rise can be gauged by the amount of enquiry and in particular, the amount of offers taken," Mr Fort said.
“In Geelong we have seen a sharp increase in inquiry, buyer inspections and offers made.”
Proximity to the CBD and waterfront were major attractions for buyers, he said.
