It’s no overstatement to suggest that Geelong is experiencing a renaissance. As we predicted, Victoria’s second-largest city is taking off.
In the past year, several major investment projects were completed in the revitalised bayside city. Rail and road improvements have coincided with the growth of several enterprises, including the Australian Future Fibres Research and Innovation Centre; the Northern Water Plant; Little Creatures Geelong Brewery; Deakin Regional Community Health Hub and redevelopment of Simonds Stadium.
Even greater numbers of large-scale projects — public and private — are underway, representing billions of dollars of investment across many sectors of industry, infrastructure, sports and education. More still are in planning stages. Large government agencies have now fully relocated to Geelong, and small- to medium-sized businesses are thriving.
Geelong’s population has soared, and is forecast to reach 350,000 by 2036. Deakin University’s Geelong campuses have reached record enrolment numbers, and companies including Shell and Accensi expect to inject hundreds of millions of dollars into the local economy, attracting scores of jobs and contract labour in flow-on sectors.
Consequently, Geelong is now an investment hot-spot, with increasing demand and supply-scarcity. With increasing competition, properties are selling much faster.
Bell Post Hill, one of our favoured investment suburbs, is experiencing a “surge of interest” and has joined “the ranks of Geelong’s best-performing property markets,” according to the Weekly Times. “House price growth of 19.2 per cent in the past 12 months pushed the median price in the suburb up to $407,500.”
Demand for rental properties is also growing, and novice investors are now competing Geelong’s housing market. Although investment newcomers are making the game Geelong trickier, the fundamental principles of sound investment still hold. Armed with experience, rigorously-researched information and off-market properties, we are still identifying opportunities that are not apparent to less-experienced investors. Our approach continues to focus on buying older properties at or below market cost in established areas, and on sensible methods for investors to attract high returns. Despite a surge in interest, some Geelong properties remain undervalued, offering excellent yields and healthy capital growth potential.