The erstwhile port city of Geelong has transformed into one of Australia’s hottest realty markets in recent times according to reports. Geelong has benefited on account of its relative housing affordability, close proximity to the city of Melbourne, connectivity to major beaches and the overall lifestyle. Geelong is situated around 75 kilometres away from the CBD in Melbourne and is one of the regional zones in Australia which is witnessing skyrocketing real estate growth on account of burgeoning demand from homebuyers and lowered supply levels.
Home values went up by a whopping 15.8% by March 2018 to touch A$720, 000 or roughly US$534, 240 while values of apartments have also gone up by approximately 12.2% in this duration. Geelong is the second biggest city in Victoria after Melbourne and is known for its strong manufacturing industry in addition to flourishing education and health sectors. The city is dotted with villas and bungalows which form a majority of its original housing supply across prime suburbs like Newtown, Geelong West and Belmont. It takes just 45 minutes to drive down to Melbourne from Geelong and there are big employers who are also shifting to this area.
Several big-ticket transactions are also happening in this zone. For example, a renovated home was auctioned some time back in Newtown’s Mayfair Drive which is only 5 kilometres or even less from the central business district in Geelong. The home was snapped up for a whopping A$1.55 million or roughly US$1.15 million which was a considerable A$320, 000 higher than its reserve price. The buyer was a local resident of Geelong and multiple million dollar transactions have taken place over the last year or so. There is a major influx of buyers from Melbourne due to the comparatively affordability. Geelong is also only 20 minutes away from the Surf Coast and Bellarine Peninsula. There are good roads that connect Geelong to major commercial destinations as well. Geelong also profited from the various incentives on offer for first-time homebuyers in regional zones.
It is a more affordable alternative to Melbourne in tandem with Bendigo, Ballarat, Gippsland and Latrobe among other markets. Many Melbourne residents are also interested in purchasing holiday homes or investment properties in Geelong near the Bellarine Peninsula and Surf Coast. There is high demand reported for second homes all throughout this stretch. Many buyers also wish to retire here in the future once they have concluded their professional careers and invest in homes for this purpose.
