No alarm in price drop
GEELONG home values fell almost 5 per cent in the past year, figures from property data analyst CoreLogic reveal.
The July CoreLogic Home Value Index shows a 4.5 per cent dip in Geelong dwelling prices over 12 months to $530,566.
It recorded a 1.7 per cent dip in the past three months.
The results placed Geelong with the 10th biggest noncapital city sub-region annual decline in value, though it is holding up more strongly than
The owners, well-known horse trainers, turned to the Lifestyle channel makeover show after trying to sell the property for about nine months.
“We look for people with a genuine need to sell — in this case the owners need to move closer to family,” the producers said.
Bellarine Property, Barwon Heads, agent Lee Martin took cities surrounding metropolitan Sydney.
Values in Newcastle and Wollongong declined between 8-11 per cent.
CoreLogic head of research Tim Lawless said with prices stabilising in Melbourne and Sydney, we might see a similar but lagged trend in these satellite markets as well.
Geelong’s price growth was the fastest in the country this time last year.
McGrath, Geelong, agent David Cortous said a 5 per cent fall after an 18-month price boom where annual growth over the listing late last year and said a number of people had inspected the property during the campaign.
“It’s got great horse facilities,” Mr Martin said.
In addition to the main house, the property has a separate studio and threebedroom cottage, five-stable barn with facilities, a horse arena, round pen, multiple day yards and paddocks. tipped between 18 and 20 per cent in 2018 was predictable.
“We had those 18-20 per cent rises over 2017 and 2018. That type of growth is not sustainable,” Mr Cortous said.
“In my opinion, if the market has come off 4 or 5 per cent, it’s not ringing alarm bells.
“You’ll see that picked up very quickly with the banking sector now listening to buyers, there are first-home buyers back in the market, investors are back in the market.”
But Mr Cortous said it meant there was some good value for buyers in the market now.
“I think you’ll see a 4-5 per cent growth rate moving forward over the next 12-24 months, not the 20 per cent we’ve seen in the past,” he said.
Mr Cortous said a drop in the amount of stock on the market had helped hold values, as buyers competed for fewer homes.
Stockdale & Leggo, Belmont, agent Laura Berry said despite a lull in the market, caused in part by the royal commission into the finance sector and the federal election, the market fundamentals were still strong.
“I see great numbers at the opens, we’re still seeing people looking to relocate into the Geelong area from Melbourne and I see there is underlying confidence in the market at the coalface,” Ms Berry said.
“On a more basic level, buyers are actively looking and time on market might be a little bit longer but there certainly are some great results being achieved.”
She said people were buying and selling in the same market.
“People that sell at that price are looking to buy and getting their value on the flip side of the coin,” Ms Berry said.