PropTrack data reveals Geelong property values falling as rate rises hit investor demand

Add as a preferred source on GoogleThe three-bedroom house at 37 Purnell Rd, Corio is listed for sale for $549,000-$599,000. Affordable suburbs that have become rising stars in property market in Geelong this year are starting to lose their shine. New quarterly median house and unit value figures from PropTrack reveal a downturn in the market taking hold in the past three months. The exclusive figures were recorded as the Reserve Bank raised official interest rates for the fourth time this year, one of the key hurdles to a healthy property market in the region. RELATED: ‘Not going to budge’: Buyers win eight-week standoff How to buy your first home as property prices drop Four bidders in hunt for Hamlyn Heights reno The data reveals suburbs such as Corio, Norlane, St Albans Park and Whittington have experienced between 10 and 14 per cent growth in house values over the previous 12 months. But the median house value recorded in each of these suburbs contracted in the past three months, the data shows. The median value of a house rose more than $70,000 in Corio over 12 months, while in Norlane shed more than $21,000 in the past three months, reflecting that slowdown in demand. Few su...