Affordable homes prop up Geelong property market amid winter values slide

Geelong’s median house value dropped more than $7000 over winter, realestate.com.au’s Home Price Index reveals. The spring selling season will serve as an important test for Geelong’s housing market as uncertainty over higher interest rates and tax changes keeps potential buyers sitting out. Geelong ended winter with the median value for a house losing more than $7000 over three months. The September Home Price Index from realestate.com.au revealed the median house value in Geelong slipped by $700 in August to land at $796,000. RELATED: Buyer turn-offs that wipe 40 per cent off a home’s value A lost ball leads to family’s $2.2m Leopold dream home By the bedrooms: How much it costs to upsize your address The data, released on Tuesday, revealed unit values also retreated in August, though they ended winter more than $2000 higher at $582,000. Realestate.com.au senior economist Eleanor Creagh said while Geelong’s property market has remained subdued since the height of the Covid boom in 2022, the median home value remains $5900 higher than it was 12 months ago. Higher interest rates remain the dominant factor in the market, reflected in better conditions for sellers listing properties ...