A sense of buyer urgency amid the recent housing boom continued to drive up Geelong home values in May.
The city’s median dwelling value jumped 1.8 per cent last month to $684,304, the latest CoreLogic Home Value Index revealed on Monday.
In comes as capital cities outpaced regional markets nationally for the second time in three months to deliver a rare upswing across the board.
Previous lockdowns haven’t tempered Geelong’s median dwelling values, which surged 12.3 per cent over the past year.
CoreLogic’s report highlighted a rise in new listings, which are tracking nationally at 15 per cent above the five-year average.
But a 37 per cent upswing in sales in the three months to May means there’s still not enough stock to meet demand.
CoreLogic research director Tim Lawless said this was creating urgency among buyers.
“The sales to new listings ratio remains around 1.1, meaning for every new listing there is more than one sale occurring,” said Mr Lawless.
“This rapid rate of absorption is keeping advertised inventory levels extremely low, despite the rise in new listings.
“As a consequence vendors remain in a strong selling position while buyers have a weak
position at the negotiation table.”