Geelong Auction Market Sees Surge in Activity Amid Improving Housing Market

Strategic Insights -

The Geelong housing market is experiencing a significant surge in auction activity, with 25 properties set to go under the hammer across the region on a single weekend. This increase in activity is a reflection of the improving housing market and the desire of homebuyers to secure property moves before Christmas. The auction market is seeing a rise in interest, with first-time buyers and investors competing for properties priced under $600,000.

Key Takeaways:

  • There are 25 properties scheduled for auction across Geelong on Saturday, with prices ranging from under $600,000 to over $1 million.
  • Five homes are up for auction in Belmont, with three each in Geelong West and Newtown.
  • First-home buyers and potential developers are among 80 groups inspecting a 837sq m property at 74 St Albans Rd, Thomson.
  • McGrath Geelong agent David Cortous attributes the increase in auction activity to improving market conditions, with more people bidding and more sellers choosing to sell at auction.
  • Geelong buyers advocate Tony Slack notes that the window for securing a deal before Christmas is closing, but buyers are still cautious unless there's a high level of other bidders.

Statistics:

  • 25 properties scheduled for auction across Geelong on Saturday
  • 5 homes up for auction in Belmont
  • 3 homes up for auction in Geelong West and Newtown
  • 80 groups inspecting a 837sq m property at 74 St Albans Rd, Thomson
  • First-home buyers and potential developers among those inspecting the property
  • Price hopes ranging from under $600,000 to over $1 million
  • 2 homes priced under $600,000 in Geelong's inner east capturing the most attention
  • Interest rates expected to fall, leading to a rise in FOMO (fear of missing out)
  • Banks now offering more flexibility with lending, according to Tony Slack
  • 12-18 months ago, banks were strict with lending, with many buyers unable to secure finance

Sources:

  • The Age
  • Herald Sun
  • Peter Farago
  • Tiffany Simpson, Hayeswinckle East Geelong agent
  • David Cortous, McGrath Geelong agent
  • Tony Slack, Geelong buyers advocate