Key Takeaways

• Pending sales the week ending June 21 have nearly returned to 2019 levels (down just 3% year-over-year). Completed home sales are still down 12% compared to the same week last year, but we expect them to catch up in late July or early August as this new batch of pending sales close.
• The majority of offers are facing competition (52%) as home-buying demand continues to outpace new listings. The inventory of homes for sale was down 26% from the same week a year ago.
• Mortgage purchase applications were up 17% from a year ago as mortgage interest rates

GEELONG home values dropped in June as the coronavirus pandemic hit the region’s property market.

Dwelling values fell by 0.7 per cent last month, ending almost a year of consecutive price growth, the latest CoreLogic Home Values Index shows.

But the region has been spared the sharper drop recorded in Melbourne, the hardest hit of the capital cities, where home values fell 1.1 per cent.

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