Geelong and Bellarine - Property market update – 1st half 2024

The post covid era has seen a dramatic increase in interest rates which has had an

interesting effect on the Geelong and surrounding regions property markets. An

increase in supply on the market and price reductions in certain desirable locations

represents excellent buying opportunities for home buyers who are in the financial

position and can see past some of the commentary in the media.

In the 12 months preceding May 2024, according to CoreLogic, Geelong has had a median

house price reduction of - 6.14% to $844,931. Coupled with increased supply, low vacancy rates and significant price reductions we see great value for prospective buyers across Geelong and the Bellarine.

Research on Geelong and the greater area indicates around 1400 houses are advertised for sale on Real Estate.com , representing terrific bargaining opportunities as buyers currently hold the upper hand with the increased supply.

Units in Geelong have taken a -13.6% hit over the same 12 months, reaffirming the common consensus that stand alone houses generally represent a better long term investment opportunity versus units and apartments. The median unit price in Geelong currently sits at $635,000

In surrounding desirable locations, Ocean Grove has seen a downward shift of -6.19 % to hold a median house value of $1,039,067.

Considering Ocean Grove boasts an average annual growth rate of 7.38%, we see current conditions as a golden opportunity for those considering a coastal lifestyle.

With talk interest rates may potentially decline in the future, we see Geelong, Ocean Grove and surrounding desirable suburbs a good chance of continuing their strong history of upward trajectory moving forward.

To discuss your property goals, get in touch with our expert buyer’s agent for Geelong and surrounds!

Mitch Phelps / Mobile - 0498 139 573 / Email - mitch@oconnellba.com.au