3 Reasons Why Property Development is Booming in Geelong

Buying a property in Geelong has never been more popular. Geelong is a city on the rise. Its population is growing, house prices are soaring, and there’s been a boom in new house approvals.

And with house prices – compared to the capital cities of Australia, at least – still relatively cheap with plenty of upsides, it’s no wonder that property developers are rushing to Geelong.

If you’re considering buying property in Geelong, now is a great time to do it. Here are three reasons why property development is booming in Geelong.

Population Growth

Geelong’s population has increased by 7,157 each year since March 2020, which is a significant uptick from its usual inflow of 5,000 people per year. Much of this population growth is being driven by people moving to Geelong for its lifestyle benefits.

With more people working from home or working remotely, they’re no longer tied to the city and can live wherever they want.

And with Geelong being located just an hour away from Melbourne by train, it’s the perfect place to call home if you want to escape the hustle and bustle of the city but still be close enough to commute when needed.

Huge Increase In House Approvals

The number of houses approved in Victoria during the year to April 2021 is the highest for any 12 months since data began being collected in 1983.

In the 2021-22 financial year, 3,633 new dwellings were permitted in the City of Greater Geelong, a decrease of 15.4 per cent compared to the previous year. The value of these permits was $1.37 billion, a decline of 2.0 per cent relative to last year’s figures

This boom in new house construction is good news for both buyers and sellers as it means there will be more properties on the market to choose from.

Affordable House Prices, Set To Boom

Median house prices in Geelong continue to grow, with house prices rising by close to 20% over the year to June, reaching $695,000. Units rose over the same period by 21.5% to $532,000, according to m3property.

Despite these price increases, Geelong property remains somewhat affordable, with the median house price being lower than Melbourne’s and Sydney’s.

These price increases show no signs of slowing down either, with experts predicting that prices will continue to rise as demand for property in Geelong outstrips supply. If you’re considering buying a property in Geelong, now is the time to do it before prices increase.

In Summary…

There are many reasons why now is a great time to buy property in Geelong.

Population growth, fuelled by flexible working arrangements, is increasing the demand for housing. At the same time, house approvals are skyrocketing, meaning there will be more properties on the market to choose from. And finally, median house prices continue to soar, making Geelong an excellent investment choice.

Do your research and speak to a local real estate agent today about what properties are available – you could find your dream home sooner than you think!

Buying Property in Geelong with a trusted Geelong Conveyancer

Tick Box Conveyancing is a company that helps you buy property. They have been doing this for over 35 years, and they have a team of people who live in Geelong and know all about the property market here. They also have their in-house counsel who can help with anything legal that might come up during the purchase.

When you are buying a property in Geelong, it is a good idea to have someone who knows about the property market in Geelong to help you. This is because many things can happen during the buying process that you might not know about.

Tick Box Conveyancing is a company that can help you with this.

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