Geelong’s house market has recorded its first monthly rise in several months.
REA’s September Home Price Report put the region’s median house value at $799,000, up 0.46 per cent for the month. But the same report found overall dwelling values were still down 0.4 per cent over the year, with unit values also lower. REA’s report also notes that one month of growth is not enough to confirm the market has turned.
So, what does that mean if you’re looking to buy?
It means the market is moving differently depending on what you’re looking at.
The agents quoted in REA’s report described stronger activity for appropriately priced homes below $1 million, while the higher price bracket was softer. That’s a useful indication of where buyers are active, but it isn’t a rule that applies to every property.
A median price is a broad measure. It can tell us something about the direction of the market, but it can’t tell you whether one particular home is good value.
For that, you need to look closer.
What have comparable properties actually sold for? How does this home compare with others on the street? What are you paying for the land, condition and location? And will the property still suit your needs if the market takes time to move?
I’ve seen buyers get caught up in trying to call the market.
Is this the bottom? Should I wait another month? Will prices keep rising?
Those questions are understandable. But you don’t buy the Geelong market. You buy one property, on one street, at one price.