Victoria’s greenfield land markets continue to offer tremendous opportunities for prospective buyers, and one of the regions that demonstrates this the most is Geelong and its surrounding areas.
The city and surrounding suburbs have emerged as a pivotal region for housing supply as demand for property has surged across the state. Geelong’s combination of affordability, lifestyle, location and infrastructure is ticking a lot of boxes amongst a growing number of hopeful buyers and savvy investors.
Leading real estate service company Oliver Hume has been part of the rise of Geelong land sales and has managed transactions for several major residential projects in this growth corridor. Oliver Hume’s in-house research teams also track multiple data points to build an understanding of Geelong’s residential property industry. It’s about analysing what the Geelong market has done in the past, what is happening now, and where the market is headed.
Strong demand for land in Geelong saw the region record a median lot price above $300,000 for the first time in the most recent quarter, reaching $313,750. New residential land in Geelong is now worth more than $31,700 more than 12 months ago, increasing 11.3 percent over the period.
Compared to the broader and established residential market, where the Melbourne median house price has surpassed $1 million, housing affordability in the Geelong region continues to underpin the purchasing decisions of many buyers.
One of Geelong’s strengths is providing options that allow prospective buyers priced out of other markets to secure property in the region and get a foot on the property ladder. And there are a number of high quality, affordable residential projects underway at the moment in Geelong that are helping to meet demand.
Oliver Hume and partners are working hard to bring new land and townhome availability to the area, which will help to increase housing supply and meet the unwavering demand. Geelong is a city on the move and these exciting residential projects will form part of the fabric of the local communities.
For more information, visit www.oliverhume.com.au.