Over the past decade, the Geelong property market has seen remarkable growth, outpacing most Australian capital cities, including Melbourne. As of May 2023, the median house price in Geelong has reached $770,000, doubling from the $385,000 figure recorded in 2013. This article, brought to you by Tick Box Conveyancing, your trusted Geelong conveyancer, delves into the factors that have contributed to this growth and what the future holds for the Geelong property market.
Factors Driving Growth in Geelong Property
Several factors have contributed to the impressive growth of Geelong’s property market. The impact of the Covid pandemic has been significant, with many people choosing to leave congested capital cities for regional areas. This shift has increased demand for properties in Geelong, driving up prices.
In addition to the pandemic’s influence, Geelong’s proximity to Melbourne has played a crucial role in its property market’s growth. Geelong offers a unique blend of urban amenities and a relaxed coastal lifestyle, making it an attractive alternative to Melbourne’s bustling city life. This appeal has led to a steady influx of buyers, further fuelling the property market’s growth.\
The Rise of Units: A Closer Look at Geelong’s Diversifying Property Market
The growth in Geelong’s property market extends beyond houses. Over the past 13 years, the median unit price in Geelong has doubled, rising from $270,000 to $540,000. This significant growth has been driven in part by the development of townhouses and apartments across Geelong, showcasing the diverse options for conveyancing in Geelong.
These new developments have not only increased the supply of units but have also diversified the types of properties available to buyers. From modern townhouses nestled in quiet neighbourhoods to high-quality apartments offering stunning views in central Geelong, these developments cater to a range of lifestyle preferences and budgets.
Moreover, these developments have contributed to the rise in median unit prices, reflecting the growing demand for diverse housing options in Geelong. As a trusted Geelong conveyancer, Tick Box Conveyancing has been at the forefront of this shift, helping clients navigate the purchase and sale of these diverse property types.
Looking Ahead: The Future of Geelong’s Property Market
While the past decade has seen remarkable growth in Geelong’s property market, it’s unlikely that property prices will double again in the next 10 years. Broader economic conditions, such as interest rates and household incomes, play a significant role in property price growth.
For instance, interest rates have a direct impact on mortgage repayments, affecting how much buyers can afford to borrow. Similarly, household incomes influence buyers’ purchasing power. If these factors don’t keep pace with property price growth, it could limit further price increases.
Additionally, the process of securing finance has become more stringent in recent years. Lenders are now more cautious, requiring more comprehensive credit checks and larger deposits. This change makes it more challenging for prices to rise at the same rate as they have in the past decade.
However, despite these potential headwinds, Geelong’s property market remains robust. Its appeal as a lifestyle destination, coupled with ongoing development and investment in the region, suggests that the market will continue to offer opportunities for buyers, sellers, and investors. As experts in conveyancing in Geelong, Tick Box Conveyancing is here to help you navigate these future trends and make informed property decisions.
Navigating the Future of the Geelong Property Market with Tick Box Conveyancing
Understanding the trends and dynamics of the Geelong property market is crucial for making informed property decisions. Whether you’re looking to buy, sell, or rent, having a deep understanding of the market can provide a significant advantage.
At Tick Box Conveyancing, we’re committed to helping our clients navigate the complexities of the property market. Our team of experts, including locals in our Geelong office, can provide the guidance and support you need to make informed decisions in the Geelong property market. With over 200 five-star reviews on Google, including 15 five-star reviews for our Geelong office, we are committed to helping the citizens of Geelong and its surrounds on their property journeys. With our expertise and local knowledge, we can help you navigate the future of the Geelong property market with confidence.
Disclaimer: This article is intended to provide a general overview of the current trends in the Melbourne property market and does not constitute legal, financial, or professional advice. The information contained herein is based on data available at the time of writing and may not reflect the most current market conditions. Readers are advised to seek independent legal and financial advice tailored to their specific circumstances before making any property-related decisions.