Once again, Geelong is a major growth area this spring selling season. Listing numbers are increasing, demand is strong and auction clearance rates are high. According to a recent report, Geelong was Australia’s second most successful regional property market over the past five years.
Geelong’s strong performance is thanks to a sustained and healthy rate of growth as well as affordability, quality lifestyle and job growth. An increasing number of Victorians are beginning to find Geelong preferable to the urban sprawl of Melbourne, both for investment and living.
Geelong Property is Booming
Geelong is a high demand market, with seasoned investors and young buyers alike coming out of their winter hibernation to snap up properties. August recorded an average auction clearance rate of 79.88 per cent, up from 68.04 per cent the same time last year, according to CoreLogic. Clearance rates were up even more in September at 80.95 per cent.
There’s an average of 742 visits per property, spread across a variety of demographics:
● 17.7 per cent older couples and families
● 16.2 per cent independent youth
● 14.4 per cent established couples and families
Property in Geelong continues to be a worthwhile investment with an average:
● Median price of $710,000
● 8.5 per cent annual growth
● 2.8 per cent rental yield
While we’re well into Spring, we can expect listing numbers to continue increasing and demand to be consistently strong as we head towards summer.
Job Growth is Driving Property Demand
The creation of new jobs is also stimulating growth in the Geelong property market. The Andrews Labour Government is supporting a major makeover of the Geelong Racing Club with a $350,000 funding boost from the Victorian Racing Industry Fund. The project is expected to create another 30 jobs.
Several government agencies, such as WorkSafe Victoria, are also relocating to the region while Geelong continues to develop as a hub for many medical and tech organisations. All of this has been a strong economic driver for the region.
Do you want to capitalise on Geelong’s strong performance in the property market? Complete our market appraisal form and we’ll get in touch soon.