Geelong, located in the state of Victoria, is a city that has been gaining popularity among investors in recent years. The city has experienced significant growth in terms of infrastructure, employment opportunities, and industry diversification. In 2023, there are even more reasons why investing in Geelong's property market is a smart decision. Here are some of the most compelling reasons:
1. Infrastructure Development
The Victorian Government announced its Central Geelong Framework Plan in 2023, which aims to guide the city's growth and development over the next three decades. The plan includes various infrastructure projects such as the Malop Street Green Spine, the Arts and Culture precinct, laneway breakthroughs, and the future Exhibition and Convention Centre. These initiatives will create a central city that offers jobs, services, and key destinations for the rapidly growing community. Investing in property in Geelong now means that you can take advantage of these infrastructure developments and potentially earn significant returns in the long run.
2. 2023 Commonwealth Games
The 2023 Commonwealth Games will be held in five host cities, including Geelong, providing an excellent opportunity for property investors to benefit from the increased demand for housing and accommodation in the area. With the influx of athletes and visitors, there will be a higher demand for short-term and long-term rental accommodation, as well as increased demand for local businesses such as restaurants and cafes. This could translate to excellent rental yields for property investors in Geelong. Furthermore, with the Games taking place in the city, there will be increased investment in the local infrastructure. This could include new transport links, more parks, and upgrades to existing facilities. All of this could help to increase the value of property in the area, making it an attractive investment opportunity for those looking to make a long-term investment.
3. Diversified Industries
Geelong's economy is diversified, with several different industries such as manufacturing, construction, retail, healthcare, and education. This diversification provides investors with the opportunity to invest in various areas and reduce the risks associated with investing in a single industry. Investing in Geelong's property market means you can take advantage of these diverse industries and potentially earn high returns on your investment.
The construction industry in Geelong is also booming, with a number of major projects underway including the Geelong Cultural Precinct and the expansion of the Geelong hospital. The construction industry in Geelong is set to create significant employment opportunities in the coming years, making it an attractive option for property investors.
The retail sector in Geelong is also thriving, with a range of shopping centres and high streets attracting shoppers from across the region. Geelong has a range of shopping centres, including the Westfield shopping centre in Waurn Ponds, which is one of the largest shopping centres in regional Victoria.
The healthcare and education sectors are also strong in Geelong, with a number of hospitals and educational institutions located in the city. These industries are set to grow in the coming years, creating more job opportunities and making Geelong an even more attractive location for property investors.
4. Lifestyle Appeal
Geelong offers an exceptional lifestyle appeal, making it a great place to live and invest in property. The city has several parks, gardens, and outdoor spaces, including the Eastern Beach and Botanic Gardens. Geelong is also home to several wineries, museums, and cultural attractions that appeal to residents and visitors alike. The city offers an excellent quality of life, which is why it is an attractive destination for families and individuals looking for a change of pace.
Compared to other major cities in Australia, such as Melbourne and Sydney, Geelong offers affordable property prices. The median house price in Geelong is currently around $780,000, significantly lower than Melbourne's median house price of $974,500. This makes it easier for investors to enter the property market and potentially earn high returns on their investment.
5. Strong Rental Demand
Geelong's rental market is strong, with the city recording a low vacancy rate of 1.2% in 2022. The low vacancy rate indicates that there is strong demand for rental properties in the city, and this is expected to continue in the coming years. Investing in rental properties in Geelong could result in stable rental income and capital gains in the long run.
The city is also seeing significant population growth, with an estimated increase of 41% from 2023-2041. This population growth is driving the demand for rental properties. With the rising demand for rental properties, landlords also have the opportunity to increase their rental returns. This is because the city has a lack of new housing developments and limited housing supply.
Given these five compelling reasons to invest in Geelong's property market, now is the time to take action. Whether you're searching for an investment property or a new place to call home, Geelong offers something for everyone. With the growth and development currently underway in the region, it's an excellent opportunity to invest in a growing and diverse community that is sure to provide long-term value.
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