How Geelong Became Australia’s Hottest Real Estate Market

When in Victoria, you cannot miss the lively port city of Geelong, which is ideally situated on the luscious Corio Bay and the scintillating Barwon River. Being just a few minutes away from the beach-front communities of the Bellarine Peninsula, the city serves as the doorway to the world-famous Great Ocean Road. Boasting of picturesque settings, the bustling region is dotted with historical characters and buildings, massive commercial spaces, lush green gardens and parks, and a plethora of museums and galleries. With so much on offer, it has become the go-to place of all the people looking for an affordable housing option close to Melbourne.

This has led to an increase in the number of people migrating to the region. In fact, it has been estimated that by 2050, another 210,000 people will move to Geelong and its adjoining areas. The influx of the population has increased the demand for residential properties and in turn, has made Geelong one of the hottest real estate markets in the country. The high-net-worth individuals who are interested in the luxury real estate for sale in Australia are not far behind. They have a fair share in contributing to the surge in growth of the region, which has come as a welcome surprise for one and all.  According to a 2017 news report, Geelong, Southwest of Melbourne, witnessed the highest preliminary clearance rate of 83.87% from nearly 80 auctions in a week’s time. In fact, the demand for listings of properties for sale in Geelong is rising on all the websites due to the advantage of enjoying a coastal lifestyle with excellent infrastructure and cost-effectiveness.

Newcomb is the newest hotspot in the region with a median house price of $340,000 and 5-year capital growth of 28.7%. There is no surprise that many sought-after villas, bungalows and mansions for sale in Australia are now located in Geelong. Multi-million dollar transactions have become a norm in the area with deals for luxury property garnering up to $1.5 million, a limit much higher than the reserve price. It is also the perfect location for buying a holiday home for people residing in Melbourne who wish to get a taste of the beach life just a few kilometres away from their homes. Here is the list of the reasons that have made Geelong the most sought-after real estate spot in the recent years:

1.   Development of New Projects

The Geelong Council is paying heed to the need for more housing projects in Geelong and has come up with a feasible solution with the development of the Armstrong Creek. The place covers a land mass of 2600 hectares lying between Geelong and Torquay and will be creating housing structures that will accommodate nearly 65,000 people. The project will include the construction of schools, parks and a gym among other amenities that will make it a congenial place for families with kids.

2.   Economic Stability

The City of Greater Geelong and Deakin University have collaborated to form the Geelong Regional Alliance which forms the core of the vision for the area’s economic growth in the coming years. Leveraging the abundance of natural resources and the existing robust infrastructure, the alliance aims at reducing the dependence of the region on government investment. With an unprecedented growth of the city which has surpassed the likes of Melbourne and Greater Victoria, the region is witnessing a host of developmental projects including the expansion of the Geelong Hospital. Other million-dollar investments include Avalon Freight Precinct, high-security water system for drought-proof food production, animal health lab, and the Carbon Nexus Research Centre that will augment the value of the real estate by manifolds.  

3.   Prestige Homes

Besides the working professionals, a lot of wealthy people have shown interest in the city because of its waterfront houses and villas that are far cheaper than mansions in Sydney. There have been many Chinese investors who have been eyeing the luxury real estate for sale in Geelong and increasing the demand for second homes. With the rising income of residents of Melbourne, investment of additional money in buying luxury holiday homes is becoming a fad as the high-growth area is showing a lot of promise. It is also a sound investment as the prices have almost doubled for some of the houses in Geelong West, Herne Hill and Hamlyn Heights in the past 20 years. Million dollar sales are no more oblivious to the region.

 4.   Movement of Population

Though the area has grown considerably in the past 15 years, the previous 5 to 6 years have seen a spike in the movement of people coming to Geelong. Many of them are migrating from Melbourne and other surrounding areas in search of a spacious accommodation at an affordable rate. The upgrading of the City Centre has accommodated for all the missing needs of the people residing here. With many restaurants, bars and retail brands establishing their shops in the commercial complex, the city is offering the feel of an urban metropolitan to the residents. Being close to the CBD is an additional feather to its cap that makes it a top choice for house hunters.

5.   Coastal Lifestyle

From young first-time home buyers to older people looking for bigger homes for a growing family, Geelong is becoming the first choice for many. The quality of life offered by the former port city is something that the urban population is yearning for. With its proximity to some of the best schools in the country, development of various shopping strips, and accessibility to the best surf beaches, it promises a splendid work-life balance. Many career opportunities are also open for qualified professionals who are migrating to the city.

Endnote

Being an affordable alternative to Melbourne, Geelong has steadily grown to become a viable investment arena with the potential for a higher return on investment and great quality of life. From offering the best beach holiday spots to hosting a range of entertainment zones and relaxing cafes and bars, the city has created an identity of its own. Thousands are snapping up the idea of moving here or buying a luxury property for sale in Geelong for investment purposes. The boom in the real estate sector is here to stay, and the seasoned investors can make the most of it right now.