Geelong housing market booming
‘Going gangbusters’
THE year of the regional city doesn’t have much of a ring to it, but real estate experts say 2018 could be it for places like Geelong.
The boom in construction in the region, coupled with strong population growth and relatively affordable house prices, means Geelong is one of the strongest property markets in Victoria at the moment.
Hotspotting founder Terry Ryder said while sales activity had peaked in Melbourne and growth in median house prices was expected to fall away in 2018, Geelong’s market was “going gangbusters”.
Greater Geelong’s median house price has climbed more than 10 per cent in a year, to $460,000 according to CoreLogic, with double digit capital growth recorded in 27 suburbs.
Local real estate agents said they were finding buyers are showing more confidence in Geelong, particularly professionals involved in education, health or government industries, like WorkSafe and TAC.
The key to Geelong’s real estate prosperity was its diverse local economy, strong transport and other links to Melbourne and that it’s more affordable to buy a house than the state capital, Mr Ryder said.
“People can quite conceivably buy a property down in Geelong and commute to work in central Melbourne. But they don’t need to because there are plenty of jobs in the City of Greater Geelong itself.
“I think we’re going to be hearing a lot more about the smaller capital cities and regional markets in 2018.”
Geelong has become a massive building site in the past few years as new suburbs and major infrastructure, including new roads, hospitals and office buildings take shape.
Sydney property commentator Anna Porter named Geelong as a market most likely to benefit from new or improved infrastructure spending.
Ms Porter, a valuer and founder of property investment advisory Suburbanite, said the region had its fair share of major projects underway, but a wishlist of four major projects worth about $2 billion in new investment would drive further opportunities in the region.
“Off the back of these projects, the area has seen incredible strength through the property market in recent years,” Ms Porter said.
“Geelong is fast becoming one of the most liveable cities in Victoria.”
The wishlist includes a $1 billion freight hub for sea, road, rail and air transport at Avalon Airport, a $600 million high-security solution to droughtproof regional food production, $300 million for an Asia Pacific infectious disease and biosecurity collaborative hub at CSIRO’s Australian Animal Health Laboratory and a $70 million injection into Deakin’s Carbon Nexus research centre.