Rise in homes on the market

A RISE in the number of homes for sale across Geelong has provided a pressure release for buyers who feared missing out in a hot property market this year.

New data from realestate.com.au’s data arm, PropTrack, shows there are more properties on the market now than at any time since July, when the listings volume hit its lowest point as the state was plunged into the third-wave Covid Delta outbreak.

The rising trend is partly due to the traditional spring market and Melburnians finally being allowed to travel into regional Victoria.

But the number of properties available for sale across the region hasn’t recovered to levels seen before the pandemic.

Listings jumped to 1549 across the region this week, with the biggest towns or suburbs including Ocean Grove (96), Armstrong Creek (95), Lara (81), Highton (68) and central Geelong (64). There has also been a jump in smaller suburbs, such as Rippleside where the 15 on the market is two-thirds of the usual annual sales in the suburb.

Buxton, Newtown agent Dylan Taggert said confidence in the wake of the state’s high vaccination rate contributed to the rise.

“Obviously, it’s given people a clear window that there’s not going to be any interruptions going forward,” he said.

“It’s a clear sign of confidence that people who have been waiting for the past 18 months, two years are having a crack.”

Mr Taggert said buyer demand in Geelong remained high. Geelong recorded a 67 per cent auction clearance rate last weekend, with 15 of the 52 properties scheduled for auction passing in.

And new data shows properties sold by private treaty spent an average 24 days on the market, down from 70 days in November last year and 35 days recorded six months ago.

“There is people out there willing to pay a pretty good price, or above the odds, to get a good home, but because there is more stock, the buyers at the auctions say they don’t need to stretch on this because there are a couple of other options on the market that they can pick from.

“Two months ago there were zero other options. If you fell in love with a home, that was the only one you could buy.”

PropTrack senior economist Eleanor Creagh said the pandemic had driven demand for more space, bigger homes and lifestyle change, resulting in more buyers and higher prices in cities such as Geelong.

“Housing values in regional Australia are currently rising at the fastest annual pace in at least 35 years, outpacing the already strong growth in metro areas,” she said.

“The migration shift from metro to regional areas may remain high for some time. Price growth in the regions is likely to continue, but moderate from current levels.

“Already the pace of price growth is slowing and we expect that to continue with the peak of the current cycle now behind us.”