New FOMO pressure facing Geelong buyers
PropTrack's monthly Home Price Index revealed a .29 per cent lift in dwelling values in June, largely on the back of a more than $4000 rise in the median value of a house in the region.
The data shows the .57 per cent rise in the median house value to $761,000 came as the median price for a unit slipped 1.53 per cent to $555,000.
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The report showed prices in combined regional areas climbed .3 per cent in June, with annual growth of 6 per cent outpacing the combined capitals.
While growth in the regions has been slower than the rebound seen across the capital cities in 2025, regional markets remain resilient, supported by affordability and lifestyle appeal, PropTrack senior economist Eleanor Creagh said.
'As interest rates have fallen, price momentum has strengthened and extended across the country, with all markets recording gains in June,' Ms Creagh said.
'Market momentum is building amid renewed buyer confidence and improved sentiment, buoyed by falling interest rates and expectations of another rate cut in July.
'However, the upturn remains measured as affordability constraints keep the pace of growth in check.'
Improving market sentiment is being seen on the street, with more active buyers at inspections and making offers, Maxwell Collins Geelong agent Laura Vander Noord said.
'I've seen a lot of investors come back,' she said after securing recent transactions in Belmont and Breakwater with Melbourne investors.
'We've seen a lot more confidence and perhaps a little bit more urgency in buyers over the past month, which has been really reassuring to the vendors.'
She said potential buyers were reacting to impact falling interest rates has had on other people in the market.
'You can feel the wind change and it happens very quickly and I can honestly say it';s happened,' Ms Vander Noord said.
'I've certainly done a lot more private inspections over the last six weeks than I've done in a long time.
'There's more a sense of urgency, because they know other people are and it's just social proof.
'A couple of buyers mentioned they're trying to get in quick before it goes up again.'
Ms Creagh said further interest rate cuts expected later this year would ease borrowing costs, adding to the momentum in housing demand and reinforcing recent price growth.
'In addition, population growth and limited new supply are also placing upward pressure on prices, especially at the more affordable end of the market,' she said.
'With interest rates moving lower, these factors are likely to sustain price growth over the second half of 2025.'
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