The Melbourne property market is experiencing what every real estate professional is calling ‘a perfect storm’. According to Real Estate Institute of Victoria (REIV), prices have continued to rise in Melbourne because of buyer demand, population growth, low stock, and falling interest rates.
As median house prices in Melbourne continue to soar, buying a property in satellites like Geelong is looking more attractive for investors and entry-level homebuyers.
Here are some good reasons to buy in Geelong
1. Affordable potential
New figures from REIV show a sharp increase in property value in regional centres like Greater Geelong, Macedon and Mt Alexander, ranging from 17% to nearly 30% last year.
East Geelong and Geelong West were the top two growing suburbs in regional Victoria with median house prices rising 29.9% and 19.1% respectively. At $575,000 and $585,000 the median house prices in both suburbs are still more affordable than the $826,000 median house price in metropolitan centres.
REIV’s report also identified Hamlyn Heights, Geelong, St Leonards and Belmont as some of the top ten suburbs with the fastest median price growth last year.
Greater Geelong has been dubbed by the industry as the ‘rising star’ in property prices with up to 12 suburbs in the region identified as ‘rising steadily suburbs’.
Hotspotting’s Price Indicator named Norlane, Corio, Belmont and Clifton Springs as some of the ‘hotspots’ where house prices are most likely to rise in the future.
2. Connected
More buyers and investors are seeing value in regional properties particularly in commuter-driven locations like Geelong.
Geelong has an extensive public transport system with easy-to-navigate road networks, an intelligent bus system and efficient train services. It takes an hour to commute from Geelong to the CBD which is not dissimilar from the travelling time within Melbourne during peak hour.
Traffic in Geelong is nothing like the traffic in Melbourne either. It takes 10 to 15 minutes to cross town and less than 30 minutes to leisure locations close to the sea or rural hamlets.
3. Lifestyle
In exchange for the distance, buying in Geelong gives homeowners all the pleasure of a different type of lifestyle. Whether it’s inner-city, suburban, coastal or country, the homebuyer is spoilt for choice.
Urban centres also offer the same inner-city living as Melbourne with café-lined streets, fine-dining restaurants, and retail shopping. Popular areas to buy include bustling inner-city Geelong, popular Newtown and gentrified Geelong West.
Other suburbs with central amenities include East Geelong, South Geelong, and Belmont. While suburban family living can be found in the tree-lined streets of Drumcondra, Highton and Wandana Heights.
Coastal living is dotted along the Bellarine Peninsular and Surf Coast with coveted neighbourhoods like Barwon Heads, Torquay, and Jan-Juc. Family-friendly coastal living can be found in townships like Portarlington, Clifton Springs, and St Leonards.
For those home buyers who prefer country living, Grovedale, Bell Park, Corio and Norlane offer large land and home packages at affordable prices. Other farming communities suitable for family-living include Batesford, Drysdale, and Wallington.
Prospective owners and buyers thinking about investing in property in Geelong should consider obtaining a pre-purchase building inspection prior to purchase. A building inspection is a detailed report on the visual examination of the property. It can be supported by a pest inspection to determine if there are any pest infestations not easily visible to the naked eye.
When commissioning building inspections Geelong, it is important to consider using the services of a registered building inspector familiar with the region.
4. Infrastructure and economy
Geelong is blessed with superior infrastructure that includes good schools, universities, medical facilities and so forth. Homeowners with school-going children or teenagers will find a wide range of private and public schools as well as many tertiary education options.
Geelong is supported by a strong CBD and a sustainable local economy with plenty of job opportunities for local residents.
In addition to improved infrastructure and technological advancement, experts are predicting regional living will continue to rise in popularity in Australia. Buying into a lifestyle in Geelong is still an affordable option today, but make sure you compare and arrange for building inspections in Geelong before you commit.
By Darel McBride
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