Spring shift ends six months of declining Geelong house values

Geelong has defied the national property slump with house price climbing in September for the first time in months.The first month of spring added $3000 to the region’s median home value, which rose 0.46 per cent to $799,000.More affordable sections of Geelong’s property market have been performing well in recent times.The September Home Price Report from realestate.com.au reveals Geelong homeowners are still in a marginally stronger position than they were 12 months ago.RELATED: Affordable homes prop up Geelong property marketExperts tip double rate hike before ChristmasBatesford backyard sold off for record price However, units have slipped almost 1.8 per cent in value over the same period.Realestate.com.au senior economist Eleanor Creagh said the improvement in house values broke a run of six consecutive monthly declines.But she said it remained to be seen if the momentum would continue throughout the rest of spring.“One positive month doesn’t really establish a turning point and Geelong’s housing market has been somewhat subdued for several years now,” Ms Creagh said.“Particularly with higher interest rates still constraining borrowing capacity, it’s a bit tricky to say that we...