Nestled along the coast of the Corio Bay, Geelong is a city that offers small town delights as well as metropolitan heights. Only an hour away from the state’s capital of Melbourne, the greater Geelong region is a fast-growing hub for culture and cuisine that also offers breathtaking natural landscapes that rival their Mornington Peninsula cousin. If you’re searching for a fresh start, or simply wanting to expand your real estate portfolio, the housing market in greater Geelong is filled to the brim with amazing investment opportunities.
Let’s dive into the beating heart of Greater Geelong and discover why this city is attracting the attention of house hunters across Melbourne and Victoria.
The Economic Value of Geelong Living
Boasting a more self-contained real estate market than Melbourne, Geelong residents can generally enjoy lower than average council rates when compared to CBD living, as well as more sustainable rental rates and property prices. This makes Geelong an easier market to enter for first homebuyers over Melbourne’s highest growth regions.
Alongside this, Geelong properties are also held to different criteria by insurance providers, which means you can expect some cost variations for premiums and excesses across home insurance quotes for properties of all ages and sizes. So not only will Geelong living provide a lower access cost for buyers looking to get their foot on the ladder, but the ongoing costs associated with maintaining your Geelong residence may even be lower than expected for a similar sized property in Melbourne.
Speaking of maintenance, the next question you may be asking is what about home improvements, home building, and access to home trades services like plumbers, electricians, and landscapers? Geelong’s booming industry landscape also ensures that there’s no shortage of skilled local tradespeople to provide home maintenance services. You won’t need to rely on DIY fixes to keep your Geelong property well-maintained year-round.
What’s on in Greater Geelong?
The greater Geelong area is still one of Victoria’s best kept secrets. Although a well established trade port and holiday destination, the Geelong area maintains a community focused city with council initiatives focused on expanding and developing resources such as public transport, or the Geelong Ring Road to better connect Geelong to the wider Victoria area. The proximity to the basin offers breathtaking natural views from waterfront walking trails or cafes, as well as plenty of opportunities for beach day fun for the whole family.
In addition to the natural beauty, Geelong is not short on festivals and fun events to keep you entertained and engaged throughout the calendar year. The weekly markets at Geelong city or Queenscliffe community market offer produce and goods that directly help support your local growers and makers.
In addition to shopping opportunities, concerts, art exhibits, and even the national wool museum are available year round for those interested in exploring the fine arts. And for any avid sports fans, Kardina park’s GMHBA stadium hosts the Geelong Cat’s home games for AFL, and Twenty20 cricket matches for the big bash league. No matter what your style is, Geelong has got the answer.
Tips for Geelong House Hunters
If you’re a seasoned property hunter, or a first time homebuyer, there is always something new to be learned when diving into a new and expanding market like Geelong’s. Firstly, and in much the same way as buying property in Melbourne, research will become your best friend when evaluating buying opportunities in Geelong. Understanding local trends, prices, potential zoning plans, and common property types will help you to get a better grasp on what the greater Geelong area has to offer.
What you may not anticipate is that the market will be at times, just as changeable as Melbourne’s. Regional property markets can move quicker than expected, with many fluctuations in median property price in Geelong over the past five years. The balance of affordability, the close proximity to Melbourne, and stunning coastal views are driving this shift towards the Greater Geelong area for family orientated house hunters. However, the region’s rapid growth when compared to other regional areas may also point to a shifting and unsteady market in the years to come.
With this in mind, it’s important to understand the real estate landscape from a local expert so you can be sure you’re maximising your investment and striking (or buying) while the iron is hot. Getting that first hand knowledge will allow you to feel secure in your coastal conquest.
Common Mistakes to Avoid
It’s easy to get swept up in the excitement and adrenaline when embarking on your journey as a first-time homebuyer. With so many potential scenarios to consider, it’s very easy to become overzealous and neglect key considerations like your spending limit.
Our most imperative tip is to move at your own pace. While players like estate agents and other real estate industry professionals may seem to be putting pressure to quickly snap up an unbeatable investment opportunity, the decision to purchase a home in the current financial landscape is not something to do in a rush by any means.
Smallish steps such as independent building appraisals and pest inspections, or even mould testing for those ocean adjacent properties should not be skipped over in the interest of making a deal. These processes help to protect the buyer whilst also giving you a better understanding of the property, including the resale potential and local housing market trends.
A Regional Hotspot for Future Growth
Geelong is most certainly the place to be for those looking to combine lifestyle and affordability. There are many great community projects in the Greater Geelong area that are focused on amplifying growth potential whilst also protecting important local biodiversity. The suburbs south of the city centre such as Armstrong Creek, Charlemont, and Mount Duneed are headed for a big population boost with the establishment of both retail and community centres to be completed in the year 2026.
No matter what it is you’re looking for, there is certain to be an area in Greater Geelong to match your needs perfectly.
