Posted by: Charles Stewart Real Estate

Colac Residential Market Report - May 2024

24th May, 2024

COLAC RESIDENTIAL MARKET REPORT - MAY 2024

Despite the cooler weather setting in, the Colac and district property market continues to show positive signs.

Agents noted that although house prices have softened, the market remains stable with plenty of activity.

"The continued stability will be contingent on economic factors such as interest rates, employment rates, wage growth, and broader economic stability", Lorin Fisk said.

In 2023, the RBA increased the cash rate by 0.25% in February, March, May, June, and November but there has been no increase so far this year.

The result of these higher interest rates has cooled demand but has not completely deterred buyers as there continues to be plenty of movement in the market.

With coastal and holiday markets recording a slump in sales over the last five months, Colac and the wider district remain consistent, propped up by the growing services and industries based in the region, coupled with affordable housing.

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