In this post, we’ll discover the top 3 reasons why you should invest in property in Geelong. With a booming population and soaring demand for property, there are few more popular places in Australia – much less Victoria – for property investors than Geelong right now.
Geelong is a city located on the Corio Bay and Barwon River in the state of Victoria, Australia. The city is approximately 75 kilometers (47 mi) southwest of Melbourne, the capital of Victoria.
As of June 2018, Geelong had an estimated urban population of 196,437. Due to its location relative to Melbourne, many people commute to work in the city every day. As such, it has been nicknamed “the gateway to Victoria’s South Coast“.
Geelong was named in 1827, with the name derived from the Djadjawurrung word for the region, DJIIama. The area was first surveyed in 1838, three years after Melbourne. The Post Office opened on 1 October 1841. Growth was slow until the 1850s when transported gold miners arrived from Mount Alexander North and Bendigo Creek. Population rise continued until Geelong was proclaimed a city in December 1910.
Today, Geelong is a thriving regional centre which boasts all the advantages of a big city while still retaining a strong sense of community.
Given its outstanding transport options, diverse economy and focus on innovative industry, Geelong’s inviting mix of business and pleasure make it an ideal place to invest in property.
Here are three reasons why you should consider investing in property in Geelong:
1) Rapid Population Growth & Construction Boom
One of the key drivers of demand for housing is population growth.
As more people move into an area, there is increased competition for dwellings which typically results in higher prices. According to SBS News, “Victoria’s population grew by 2.3 per cent or almost 100,000 people over 2017”, with much of this growth happening in regional areas such as Geelong.
This rapid population growth is being accompanied by a construction boom which is meeting increased demand for housing. Domain Group data shows that “there were more than 1700 new home sales in Geelong over the past year“, further highlighting strong market conditions.
2) Diverse Economy & Focus on Innovative Industry
Another important factor to consider when investing in property is economic conditions. A thriving economy creates jobs and increases incomes which leads to more money being spent on housing.
Geelong’s economy is quite diverse with a range of industries such as health care & social assistance, manufacturing, education & training, and retail trade all playing a significant role.
In addition, the city has a strong focus on innovative industry which is attracting new businesses and investment to the region. One example of this is Deakin Ignite – an incubator for start-ups and entrepreneurs which provides access to co-working space, mentoring and specialist advice.
By investing in property in Geelong, you will be buying into an economy that offers both stability and potential for future growth.
3) Affordable Housing Prices with Excellent Reproduction Prospects
Despite strong market conditions and rapid population growth, house prices in Geelong are still quite affordable when compared to other Australian capitals such as Sydney ($1,176,783) and Melbourne ($893,012).
The median house price in Geelong currently sits at $731,000 with a projected capital growth of 5% over the next five years according Domain Group data.
This makes now a great time to buy into the market as prices are expected to continue rising as demand for housing outstrips supply. It’s also worth noting that rental yields in Geelong are quite high, meaning that investors can expect to receive good returns from renting out their properties.
With all these positive conditions forecasted for the future, investing in property in Geelong is sure to be a wise decision.
Are you thinking about investing in property?
If so, you should definitely consider investing in property in Geelong! With rapid population growth and a construction boom resulting in increased demand for housing, now is a great time to buy into the market .
Furthermore, Geelong’s diverse economy and focus on innovative industry provide stability and potential for future growth, while affordable housing prices offer excellent prospects.
Buying or Selling in Geelong? Use a trusted Geelong conveyancer
Conveyancing is the legal process of transferring ownership of property from one person to another. It is a complex process that involves a number of steps, including the preparation and lodgement of legal documents, the payment of fees and charges, and the coordination of settlement.
Tick Box Conveyancing is a local Geelong conveyancer with a statewide presence, meaning you get the best local service, backed up by one of Victoria’s leading conveyancing firms.
We have a team of experienced conveyancers who are familiar with the Geelong market and can provide you with expert advice and guidance throughout the conveyancing process.
Contact us today to find out how we can help you with your upcoming property transaction.
Why Choose Tick Box Conveyancing for Geelong Conveyancing?
- We take pleasure in offering a high-quality, professional, and courteous conveyancing service.
- Our team has over 25 years of expertise in the field, which is evident in our client satisfaction scores.
- Individuals, businesses, and self-managed superannuation funds (SMSFs) are among our customers.
- Not only do we offer a wide variety of conveyancing and property services, but they’re also affordably priced.
- Free consultation and no obligation quotes.
At Tick Box Conveyancing, we always put our clients first.
We have a team of excellent conveyancers who are more than happy to help you with your property transfer needs. If you would like a free 10-minute chat with one of our consultants, please fill out the form below!
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