Geelong prices holding up despite those unemployment fears
The median house price in Greater Geelong has recorded a slight increase of 0.6% to $392,500 in June, according to the Real Estate Institute of Victoria. It is 1.9% higher than a year ago.
The largest increase in house price was in Bannockburn, which increased by 5.5%t to $382,500, followed by Barwon Heads, increasing by 3.4% to $755,000 and Geelong West, increasing by 3.3% to $427,500.
The median house price in the Surf Coast Shire fell slightly by 0.8% to $605,000 but remains 2.5% above a year ago. The largest increase was in Jan Juc which rose 1.9% to $588,750.
Within the Borough of Queenscliffe, the median house price remained stable at $700,000 in June, reflecting a 1.4% increase from a year ago.
Regarding units, prices remained stable in both the City of Greater Geelong and the Surf Coast Shire at $310,000 and $432,500 respectively in June.
The median unit price in the Borough of Queenscliffe, however, fell by 4.1% to $467,500.
The rental vacancy rate in the Geelong and Barwon region fell from 6.7% in May to 5.5% in June in line with a tightening across regional Victoria.