Geelong home prices have finished the year on a positive note, new property data reveals.
PropTrack’s latest Home Price Index shows Geelong dwelling values climbed a modest 0.45 per cent to $723,000 in 2024’s final quarter.
Both houses and units recorded an uptick, which comes on the back of several consecutive months of growth to the start of December.
The median house value now sits 2.83 per cent below where it was at the same time in 2023.
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Buxton reported selling 208 Noble St, Newtown, for $3.9m.
Geelong agents have reported a return of investors the market since spring, a sign buyers are increasingly confident now is the time to purchase at the bottom of the market.
But despite the positive gains, PropTrack economist Anne Flaherty said Geelong was a city that had been underperforming for quite a while, with home values still declining after a pandemic-era peak.
“It’s also had a relatively high level of new housing development. That increase in supply and a slow down in demand to move out to Geelong has impacted prices,” Ms Flaherty said.
The economist tipped that the city would eventually see home values recover, but that this would only happen after prices began to rise again in Melbourne and began to squeeze affordability-sensitive buyers back out towards satellite cities and outer suburbs.
PropTrack economist Anne Flaherty thinks Geelong values will eventually recover.
An interest-rate cut could also put the brakes on falling values for the city by the bay, but they would need to be somewhat substantive.
Nationally, home prices fell in December for the first time in two years.
But despite the 0.17 per cent drop during the festive month, prices still ended the year 4.73 per cent higher than 12 months ago.
Melbourne recorded the second sharpest monthly drop in the country, behind Canberra, with the dwelling prices falling 0.53 per cent.
The capital’s median value now sits at $780,000.
47 Wallaroo Way, Highton, sold for $1.15m in December.
Ms Flaherty said a flood of stock onto the market had contributed to the slow down and price growth reversal.
“The number of properties for sale has been relatively high over the second half of 2024, particularly compared to the same period of 2023,” she said.
“This has given buyers more choice and we’re seeing them take more time when purchasing.”
Regional Victoria proved more resilient in the lead up to Christmas, recording a slight 0.03 per cent rise for December.
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