Geelong home prices break four-month losing streak to defy Melbourne property downturn

Geelong home values lifted in July, ending a four-month decline. Picture: Visit Victoria A four-month decline in Geelong home prices was arrested in July as the city’s property market moved in the opposite direction to capital city trends, new data reveals. The increase in median home values during July, according to PropTrack’s Home Price Index released on Monday, comes after the city’s property market recorded price declines over four consecutive months. The median home value rose .27 per cent – or about $2000 – to reach $765,000 at the end of July. RELATED: The key factors boosting Geelong home prices over past 20 years Property sector puts Ben Carroll on notice over Allan’s ‘damaging’ reforms Family lists riverside Geelong lodge for $6m+ The quarterly change in the market still reflects the longer term decline, with the median house value dropping 1.11 per cent over the last three months. But Geelong’s $765,000 median home price – which takes into account both houses and units – was 2.54 per cent higher than the same time last year. The city’s median house value reached $797,000, with faster growth seeing the city’s median unit value hit $590,000. Melbourne’s median home value ...