Geelong market is booming as homes selling for a loss decrease
GEELONG’S booming property market continues to set record prices across the suburbs, with new data also showing the number of homes sold at a loss is only 2.4%. This is the lowest in Geelong since November 2011, according to the CoreLogic Pain and Gain report by senior research analyst Cameron Kusher for the June, 2017 quarter.
Mr Kusher said in the report that coastal markets, particularly those linked to lifestyle, have generally experienced a significant decline in the proportion of resales at a loss over recent years. “This is reflective of demand growing for coastal/lifestyle property and also reflective of reinvestment from Sydney and Melbourne homeowners that have accrued substantial equity in their properties,” he said. “Value growth data indicates that many of the larger regional areas, particularly those located within close proximity to capital cities, are experiencing increases in values.” Click here to read further