Geelong house prices continue to fall

 

House price data for the final quarter of 2022 has been released by CoreLogic with Geelong matching Melbourne in another decline in the region’s Median House Price.

The data shows growth in the Geelong market remained negative for December, taking the quarter to -4.2% and the 12-month total for 2022 at -4.9%

Metropolitan Melbourne had similar figures for the quarter  (-3.4%) but heavy decline earlier in the year left the average home at 9.4% less than it was in 2021, driven mainly by Inner South suburbs (-11.3%) The Mornington Peninsula (-10.4%) and Outer East suburbs (-10.6%), while the Melbourne CBD bucked the trend, posting a growth of 6.2%

Warrnambool and the South West also avoided any negativity in the sector with a 1.1% growth in the last quarter of 2022, and an overall growth rate of 5% for the year.

Melbourne’s falls were matched by Sydney, Adelaide, Dawin and Canberra, with a national drop in the median price of 5.3%, the first time since 2018 where the national home value fell over the entire calendar year.

CoreLogic’s research director, Tim Lawless, said this has been a year of contrasts, with housing values mostly rising through the first four months of the year, but falling sharply near the end due in part to the RBA commencing the fastest rate tightening cycle on record.

“Our daily index series saw national home values peak on May 7, shortly after the cash rate moved off emergency lows. Since then, CoreLogic’s national index has fallen -8.2%, following a dramatic 28.9% rise in values through the upswing.”

 

 

 

Image: Lui Zacher