Geelong median house price fall as looming rate rise hits buyers

Geelong’s median house value is about $12,000 lower than the same time last year, new data shows. Falling home prices will provide little comfort to homebuyers if the Reserve Bank board raises interest rates on Melbourne Cup Day. Geelong home prices have continued to slide as a national downturn in the property market deepened in October, the latest realestate.com.au Home Value Index revealed. The median value for houses across Geelong decline marginally in October, and fell across the quarter, to reach $799,000, the report, released on Monday, revealed. RELATED: Newtown trophy home raises record price for Geelong Buyer pounces on Geelong home after first look Timing is awful: warning on new Geelong home data That’s a 1.51 per cent – or $12,000 – decline year on year. While unit values rose marginally last month, they remained depressed over the longer term, with the $577,000 median unit value now $5000 – or .92 per cent – lower than a year ago. Realestate.com.au senior economist Eleanor Creagh said the national downturn, now stretching seven consecutive months, is becoming more widespread across mainland capital cities as higher prices and a squeeze on borrowing capacity starts to...