REIV Property Update for Quarter 2, 2012

The Real Estate Institute of Victoria (REIV) has released its latest Property Update for the second quarter of 2012. It shows some mixed results for the Geelong region.

Sales median data shows a surprising 15.9% annual increase for Belmont followed by Grovedale at 5.90%. Faring not so well at the other end were Ocean Grove with an annual reduction of 10.6% and Barwon Heads with a reduction of 8.2%.
The Rental Vacancy Rate for the month of June has increased to 5.8% compared to only 2.4% for the same month last year. Quarterly House Median data shows an increase in the median for two bedroom units of 6.7% to $280 per week and 5.0% to $315 for three bedroom properties. The median for four bedroom properties dropped to $400 per week, a drop of 3.6% from the previous quarter. Quarterly Flats and Apartments Median data shows no significant increase for one and two bedrooms, the biggest increase being 9.4% to $350 per week for three bedroom flats and apartments.

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