Charting: Staff from Harcourts Geelong office are selling more Geelong and Whittington properties to Melbourne and interstate buyers.
KIM WATERS
GEELONG and Whittington have made it onto a list of Australia’s top 100 investment hot spots, according to a magazine survey.
The Your Investment Property ranked Geelong 74th and Whittington 90th in Australia’s top 100 suburbs in which to invest.
The magazine’s Robin Christie said 16 other Victorian suburbs also made the list.
Mr Christie said Geelong and Whittington ticked the boxes for affordability, diverse economy and steady population growth.
“Whittington particularly is a great area for affordability and rents there have risen by 14 per cent in the past 12 months,” Mr Christie said.
“Geelong’s ranking was partly due to its proximity to Melbourne with investors making the most of improved transport links.
“The area offers minimal risk for investors with a growing population, a growing economy, low vacancy rates and high rental returns.”
Harcourts Geelong director Donna Ellmer-Buckingham was “not surprised” with the results.
“Whittington is no surprise at all. The majority of houses there are priced under $300,000 and offer really great rent returns,” she said.
“Most are solid brick houses that require no maintenance and there are quite a few on big blocks.
“They’re nice, easy rentals.”
Ms Ellmer-Buckingham said the suburb of Geelong was affordable, often attracting Melbourne and interstate buyers.
“I’d say a lot of investors would be focusing on the capital growth with property close to Eastern Beach.
“We get a lot of interstate and Melbourne buyers who have their $300,000-to-$400,000 to spend but can’t afford the Melbourne prices.
“Even in Geelong where prices are a bit higher compared to Whittington they can still afford a beautiful character home that they could potentially live in down the track if they want to commute.”
Ms Buckingham said investors made up 50 to 60 per cent of buyers of property under $300,000.
