ABS jobs add to Geelong property investment case

Geelong is in line for another major jobs boost with about 250 local positions to be created when the Australian Bureau of Statistics Centre of Excellence opens as early as 2016.

It is the latest piece of good news for the city, which has been a prime focus for Portfolio Management Services’ acquisitions team.

Portfolio has taken a strong interest in Geelong in recent years, identifying it through its proven investment criteria as one of its brightest opportunities.

The Centre of Excellence project, announced this week, involves consolidating selected ABS survey functions at the one location. A collaboration between Deakin University and the ABS, it is an exciting initiative according to Acting Australian Statistician Jonathan Palmer.

“The financial terms of the agreement are very favourable,” he said. “We will be getting a great office, in a desirable location, at an excellent price.”

The relocation of public service jobs to Geelong was a key recommendation of a Federal Government panel, said Corangamite MP Sarah Henderson.

“The panel was tasked with identifying a suite of initiatives to support regions impacted by the wind-down of the car manufacturing industry,” Ms Henderson said.

“That Geelong was chosen demonstrates our government’s ongoing commitment to investing in jobs growth across the Geelong region.”

Victorian premier Denis Napthine said the ABS centre would bring more people into the Geelong city centre.

“This is part of our vision for a bustling and vibrant Geelong CBD,” he said. “We believe one of the best ways to reinvigorate the heart of Geelong is to attract more people to the city centre.”

It comes as more than $2 billion worth of major construction and redevelopment projects are underway in Geelong, with another $1.1 billion announced and awaiting commencement.

The determination of all sides of politics to support Geelong’s ongoing growth in the wake of high-profile manufacturing departures adds to the case for investing in Geelong property, as does its proximity to Melbourne, local business expansion and population growth.

As highlighted in this article last month, Geelong is progressively diversifying away from manufacturing, which employs about 13 per cent of Geelong’s workforce compared with 25 per cent 20 years ago. Health care, social assistance and retail have overtaken manufacturing as the main sectors of employment.

Portfolio Management Services’ acquisition team is taking an active interest in the Geelong investment property market. Recent developments added to the property investment case, said Portfolio’s managing director Jock Bing.

“Geelong has a bright future and remains a targeted property market,” he said.

“The impact of employment losses has long been factored into our economic and investment outlook. The transition to new industries is ongoing and is being managed extremely well. If anything, the concern or apprehension by some purchasers about Geelong creates a window for more informed purchasers and investors who understand the investment fundamentals of Geelong remain intact.”

To discuss your property investment goals, and opportunities in the Geelong property investment market, call Portfolio on (03) 9621 1044.