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Why are so many people buying in Geelong?
Why are so many people buying in Geelong?

Why so many people are moving to, and buying property in, Geelong?

If you imagine some of the fabulous regional places around Australia that people often move to, you no doubt picture locales near the ocean – and you’d be partly right.

In fact, the two fastest growing regional areas in the nation are the Gold Coast and the Sunshine Coast in South East Queensland.

But, here’s the thing, the third place-getter doesn’t have the profile of either of these places, and it is hardly where most people would spend their holidays either, yet, it this major region is pulling in the lion’s share of new migrants either from overseas or from somewhere else around the country.

The place that I am talking about is Geelong in Regional Victoria, which recorded net population growth of 2.2 per cent in the 2022-2023 financial year – double the result for Victoria as a whole.

So, when did little old Geelong (which is not so little anymore given its population is nearing 300,000) become such a hot place to live and invest?

Well, it didn’t happen overnight for one, and there is plenty more gas left in its tank, too.

Booming economy

Geelong has a rapidly growing economy, with billions of dollars in recent infrastructure expenditure as well as billions more in other major investments in the years ahead.

Its population and gross regional product growth is well above the national average and there are forecasts that its population will hit half a million residents by 2047, which is probably a little on the conservative side, too.

There are also major urban expansion plans that are going to cater for about 110,000 new residents and create some 35,000 jobs, plus another thing that I love about this area is that it has a very solid variety of employment industries, which makes it a very stable area for property investment.

Having a diverse economy is vital for regional property investment because if one of those industries has a wobble – say manufacturing or tourism – then there are plenty of others that will provide employment opportunities for its residents.

Council data shows that there are billions being spent on major developments across about 147 projects that are either on the planning table, under construction, or have been recently completed.

There is so much going on in Geelong that I could write thousands of words on the topic rather than this succinct overview of all of its attributes.

Affordable price points

Another exciting attribute of Geelong is the fact that it still has more than a dozen suburbs that have median house prices around $700,000, which is a more affordable price point for many homebuyers and investors than, say, Melbourne and definitely Sydney.

Many of these suburbs also have super low vacancy rates that underpin potential cash flow and yields for savvy investors, too.

As I mentioned at the outset, there are thousands of people moving to Geelong, with these lower priced property opportunities part of the reason why.

These lower buy-in prices, while also being within commutable distance to Melbourne, are seeing more and more young people move out of the city and into Geelong so they can achieve their dreams of home ownership.

Of course, Geelong’s current and longstanding residents have known about its many charms for many a year, but now we have a huge cohort of people who are learning about them, too.

Geelong is just one of a number of different major regional and urban areas where we are helping our clients purchase at present, which all have significant upside potential as well as more affordable price points.

Image credit: DepositPhotos

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