Full Covid impact on Geelong house prices revealed

The figures from PropTrack show the median price for a house in the region jumped $177,000 since March 2020, with the unit price rising $116,000 in that time.But suburb data shows the median price had lifted as much as $601,000 in Barwon Heads as the flow of people making a sea-change went into overdrive.Most Australians actually benefit from rising house prices, so how do we fix housing affordability?RELATED: Palatial home sells in a week for record price‘Trouble ahead’: Where Geelong borrowers are under pressureCorio breaks through million-dollar price barrierThe biggest jumps were along the Bellarine Peninsula and Surf Coast, were hot spots facing the ocean now all have median prices above $1 million.In Geelong, the biggest rise was in inner eastern Thomson, where a typical house now sells for $613,500, rising 53 per cent during the pandemic.Blue ribbon Newtown had the largest value rise in Geelong, lifting $375,000 in two years to $1.217 million.Norlane remains Geelong’s cheapest suburb, but the median house price reached $460,000 in March.There are now four suburbs where median prices for units are less than $400,000.While the date reflects how much prices have moved during the pandemic, there’s plenty of evidence in recent low growth data and affordability concerns suggesting the boom has ended.NED-5780-Geelong-property-prices-during-CovidGartland, Geelong, agent Will Ainsworth returned to real estate after taking up a role with online property platform Openn Negotiation in 2020 had assumed the market would be hectic.“There is definitely not as many buyers at open homes and you can already see not as many bidders at auctions. We’re still selling properties, but where last year there was four or five bidders, there is two,” he said.Mr Ainsworth said there was more properties to chose from and buyer sentiment is taking note of an impending rise in interest rates.“Those factors are probably making buyers a little bit wary of the way the market is this year,” he said.“Having said that, we’re in Geelong and we’re in such a good area and I think people are not almost overlooking prices but are saying ‘we want to buy that property so whatever the market is saying it’s worth, we’ll pay it.”Maxwell Collins sales manager Eugene Carroll said the fear of missing out had left the market, which would be reflected in a price growth levelling off this year.“Buyers are now more calculated and will now do more due diligence before making an offer,” he said.But he said softening conditions in the market presented an opportunity for buyers, particularly at auctions.“It’s still a great way to purchase a home because the vendor wants to sell on the day and everything is geared up for that day,” he said.“I often say to people that you put one bid in and it gives you the right to negotiate with the vendor who wants to sell.“It is a great way to negotiate as a buyer as well, rather than keeping your hands in your pocket because all these buyers will put offers in and quite often it will go well over the reserve through negotiations.”

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March 19, 2022 at 12:30AM
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The figures from PropTrack show the median price for a house in the region jumped $177,000 since March 2020, with the unit price rising $116,000 in that time.But suburb data shows the median price had lifted as much as $601,000 in Barwon Heads as the flow of people making a sea-change went into overdrive.Most Australians actually benefit from rising house prices, so how do we fix housing affordability?RELATED: Palatial home sells in a week for record price‘Trouble ahead’: Where Geelong borrowers are under pressureCorio breaks through million-dollar price barrierThe biggest jumps were along the Bellarine Peninsula and Surf Coast, were hot spots facing the ocean now all have median prices above $1 million.In Geelong, the biggest rise was in inner eastern Thomson, where a typical house now sells for $613,500, rising 53 per cent during the pandemic.Blue ribbon Newtown had the largest value rise in Geelong, lifting $375,000 in two years to $1.217 million.Norlane remains Geelong’s cheapest suburb, but the median house price reached $460,000 in March.There are now four suburbs where median prices for units are less than $400,000.While the date reflects how much prices have moved during the pandemic, there’s plenty of evidence in recent low growth data and affordability concerns suggesting the boom has ended.NED-5780-Geelong-property-prices-during-CovidGartland, Geelong, agent Will Ainsworth returned to real estate after taking up a role with online property platform Openn Negotiation in 2020 had assumed the market would be hectic.“There is definitely not as many buyers at open homes and you can already see not as many bidders at auctions. We’re still selling properties, but where last year there was four or five bidders, there is two,” he said.Mr Ainsworth said there was more properties to chose from and buyer sentiment is taking note of an impending rise in interest rates.“Those factors are probably making buyers a little bit wary of the way the market is this year,” he said.“Having said that, we’re in Geelong and we’re in such a good area and I think people are not almost overlooking prices but are saying ‘we want to buy that property so whatever the market is saying it’s worth, we’ll pay it.”Maxwell Collins sales manager Eugene Carroll said the fear of missing out had left the market, which would be reflected in a price growth levelling off this year.“Buyers are now more calculated and will now do more due diligence before making an offer,” he said.But he said softening conditions in the market presented an opportunity for buyers, particularly at auctions.“It’s still a great way to purchase a home because the vendor wants to sell on the day and everything is geared up for that day,” he said.“I often say to people that you put one bid in and it gives you the right to negotiate with the vendor who wants to sell.“It is a great way to negotiate as a buyer as well, rather than keeping your hands in your pocket because all these buyers will put offers in and quite often it will go well over the reserve through negotiations.”