Rents in Geelong have risen more than 120 per cent since 2000 in yet another sign the city is defying doom-and-gloom predictions based purely on high-profile company closures.
The Department of Human Services figures show the average weekly rent in Geelong rose from $135 to $300 between early 2000 and late last year. The rise was almost 10 percentage points higher than that for Mornington – the next biggest mover. Rental properties in Newtown, Geelong West and Herne Hill posted the biggest rises.
Strong population growth has contributed to the result, as has Geelong’s diversifying economy and proximity to Melbourne. Enrolments at Deakin University’s Waurn Ponds campus are up and a number of public service jobs are set to be created or relocated to Geelong.
Up to 250 jobs will be shifted from Canberra to Geelong when the Australian Bureau of Statistics opens its Centre for Excellence in Geelong next year. The ABS has confirmed staff for the Geelong office will be sourced from across the ABS as well as recruited locally.
Relocating the NDIS and WorkCover headquarters to Geelong is also tipped to push up house prices and rents.
The NDIS is expected to create 300 jobs; more than 200 have already been created locally. And more than 200 employees have relocated to Geelong for the TAC.
Portfolio has taken a strong interest in Geelong, identifying it through their proven investment criteria as one of the country’s brightest opportunities.
“Geelong has a bright future and remains a targeted property market,” Portfolio’s managing director Jock Bing 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.”
Portfolio’s acquisitions team has been busy finding Geelong properties that fit its criteria for successful property investment. To discuss your property investment goals, call Portfolio on (03) 9621 1044.