Homebuyers keen in 2018
Hamlyn Heights, Belmont and Herne Hill becoming new inner suburbs
“There is going to be a lot of pressure on our market in 2018 and people will be seeing Geelong as a real option to move to rather than Melbourne suburbs.” RAY WHITE LARA AGENT JO BOOTHROYD
GEELONG’S property market is expected to remain strong in 2018 as the face of Geelong continues to change.
The arrival of several large government organisations such as NDIA, WorkSafe and TAC have contributed to the changing population of Geelong.
This demographic change and increase in population resulted in the property market booming across Geelong in 2017.
Local agents predict the property market will remain strong in 2018.
McGrath Geelong agent Jim Cross said he didn’t think capital growth would be as aggressive as it had been in the past 18 months.
“I still expect it to be around 8 to 12 per cent,” Mr Cross said.
CoreLogic data shows capital growth in the past year in Manifold Heights was 31.3 per cent and Geelong West was 17.7 per cent while Geelong itself was 14.8 per cent.
Mr Cross said fringe suburbs Hamlyn Heights, Herne Hill and Belmont were becoming inner suburbs as Geelong grows further out.
“I think those three are upand-coming suburbs while the core suburbs will continue to remain strong as well,” he said.
Ray White Lara agent Jo Boothroyd said a lot of Melbourne buyers were interested in Lara as it was under an hour from Melbourne.
“There is going to be a lot of pressure on our market in 2018 and people will be seeing Geelong as a real option to move to rather than Melbourne suburbs,” Ms Boothroyd said.
She said more vendors were keen to take their property to auction as it gets the buyer positioned to buy unconditionally and the possibility of competition on the day driving the price was another reason.
“Prices are demand driven. When there is not enough property, competition will drive the price,” she said.
As the population in Geelong continues to increase so are the number of people with tertiary qualifications.
Oliver Hume points to the Australian Bureau of Statistics figures that show a dramatic shift in the work and education of Geelong’s population between 2006 and 2016.
Data shows the number of Geelong residents with a bachelor degree rose 66 per cent from 15,000 to 25,000.
Professionals are the largest occupation group in Geelong representing more than 20 per cent of the Geelong resident workforce.