Yea it’s gone batsh!t crazy here Klawdy. We bought in East Geelong, thought this place would go for around $620, 5 more than our limit, our advocate got it for $605. 12 months later the value estimate is close to 700K. Go figure.
We noticed a month after we bought in Geelong, prices started to jump. If we looked a month later, or the auction was a month later, I very much doubt we could have afforded this place. My theory is the relocation of the big government organisations like Worksafe and TAC moving their HQ’s down here. A lot of people from Melbourne with generous relocation packages heading down here pushing up the prices.
The great thing about Geelong for buyers is there is a hell of a lot of stock that need renos and empty blocks still on the martket, lots of opportunity despite the rising prices.
Yep this is right. It’s no longer the case that places routinely go for 20pc more than advertised since the agents are now required to provide more detailed info and estimates in the statement of information
Agree with the point made about schools. We bought in Blairgowrie 10 years ago. When we bought we were childless and didn’t really consider schools in the area. Fast forward to the present day with 2 kids and secondary schools down here are a real worry and it’s unlikely to change much as the Peninsula is a bit of a haven for empty nesters. We now have the choice of paying outrageous school fees if our kids even get accepted into one of the very few private schools, or selling up and trying to buy a small place in a decent school zone where prices are inflated thanks to people trying to do exactly what we’re considering. Now tossing up a move to Hobart.
