Despite only one recent interest rate decrease, Senior Sales Consultant and Auctioneer Ben Powe has noticed an uptick in buyer activity, with first-time buyers and investors increasingly flocking to well-priced homes.
In a surprising turn, Geelong’s real estate market is experiencing a shift in buyer sentiment, particularly in the $600,000-$700,000 price range.
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“I didn’t anticipate there would be any change with only one interest rate decrease, but the proof is in the pudding. First home buyers and investors are flocking to well-priced stock,” says Powe.
“Over the past few weeks, I’ve hosted several open for inspections with up to 30 groups attending, followed by competition with buyers, and the properties have often sold for above our asking price. This type of buyer activity hasn’t been seen for 2 to 3 years.”
This shift in sentiment is reflecting a broader trend in the local market, where well-priced properties are attracting significant interest. For sellers, this presents an exciting opportunity.
“This is great news for vendors,” Powe explained. “If you price your home correctly, there’s a great chance of competition between buyers and ultimately, a better result. Of course, the market is still price-sensitive, so it’s critical to work with an experienced agent who understands the importance of setting the right price.”
Ray White Highton is currently offering obligation-free appraisals and market valuations, as well as three months of free property management when transferring from another agency.
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The current shift is particularly exciting for Geelong’s real estate scene, according to Powe. “It’s a really exciting time for real estate in Geelong due to the billions of dollars being spent on infrastructure, job creation, and the ongoing expansion of our city. Buyer activity in Geelong is the highest I’ve seen in the past 10 years.”
“There’s no doubt that investors and buyer’s agents are focused on Geelong right now. All data points towards fantastic growth in the short to medium term.”
Looking ahead, Powe is optimistic that the trend will continue, particularly if interest rates remain stable or decrease further.
“If interest rates hold, I would expect buyer sentiment to remain strong. If interest rates drop, I anticipate a surge in buyer activity and competition for sensibly priced properties. All eyes are on Geelong right now, and we have very exciting times ahead.”
For anyone considering buying or selling in the Geelong area, Powe advises working with a knowledgeable agent to navigate the changing market.
With the property market in Geelong showing clear signs of growth, both buyers and sellers have much to look forward to in the coming months.
