Local home values drop

Values of units and homes in Greater Geelong have dropped over the last year.

Figures from CoreLogic show the value of a home fell by 0.1 per cent in the last month, and 2.2 per cent in the past 12-months.

However the price of a house across the region remains high at $779,768.

Unit values dropped 3.1 per cent in the year to January, however prices remain strong at almost $550,000.

While the value of homes in Melbourne fell slightly in the last month, they grew by 3.9 per cent in the year.