News
New Home Demand remains buoyant despite the decline in sales
Melbourne, Geelong, Bendigo, and Ballarat recorded 2,495 gross lot sales in November 2021 across the growth areas.
The new home demand still remains buoyant, the underlying factors being affordable housing options, availability of larger homes, ana low borrowing costs.
Analyzing the supply and demand allows price determination in the competitive market.
As per the data on www.realestate.com.au, Geelong is a high demand market. 621 visits per property have been recorded in Geelong, while the average visits per property in Victoria is 1465.
Source: www.realestate.com.au.
Total market
Gross lot sales: 2,495
-13%
Geelong median lot price: $369,000
+15.9%
Median lot size: 432 sqm
+7.9%
Accelerated price growth
Geelong witnessed median lot price increase leading to record median lot prices.