PHOTO: Housing construction has boomed in parts of Geelong. Photo: Pat Scala

Geelong’s house prices have recorded their slowest rate of annual growth since 2015, with new data revealing the median price fell by 4.4 per cent in the June 2019 quarter alone.

Data from Domain’s June House Price Report, released last Thursday, showed house prices in the major regional city fell to a median of $545,000 during the June quarter this year, the first time there’s been a quarterly drop in over a year. The last time house prices fell in Geelong was the June quarter 2018, when they dropped by one per cent.

Moreover though, it’s the first time Geelong’s median house price hasn’t grown annually in four years. Domain economist Trent Wiltshire said it was a clear sign that the boom times were over.

“It’s a big slowdown. The Geelong boom is well and truly over. After years of growth, it’s finally slowing down,” he said.