Geelong, a thriving city in Victoria, is rapidly emerging as one of Australia’s top regional hubs, thanks to significant population growth, booming infrastructure projects, and a dynamic economy. Known for its beautiful coastal scenery, world-famous surfing at Bells Beach, and proximity to the 12 Apostles, Geelong is poised for significant growth and transformation. Here’s why property experts are recognizing Geelong as a prime location for investment:
Key Highlights:
1. Incredible Population Growth:
The population of Greater Geelong is expected to rise to 393,216 by 2041, driven by substantial urban development and an influx of new residents.
2. Booming Economy:
Geelong's Gross Regional Product (GRP) stands at $15.4 billion, supported by 19,604 local businesses and 120,017 jobs. The region has seen rapid transformation towards a bright future, especially with the growth in health care and social services.
3. Strategic Location:
Positioned as a leading digital, tourism, and transport hub, Geelong offers outstanding transport options and access to major markets, making it a strategic location for businesses and investors.
Major Infrastructure Projects:
1. $4 Billion Geelong to Melbourne Fast Rail Project:
This project will significantly reduce travel times between Geelong and Melbourne, enhancing connectivity and boosting economic growth.
2. $600 Million Geelong Health Precinct:
This state-of-the-art health precinct will provide top-notch medical services and create numerous job opportunities, further strengthening the local economy.
3. $200 Million Geelong Civic Precinct:
Designed by world-renowned Cox Architects, this new civic precinct will feature a contemporary workplace for Geelong-based employees and over 2,600 square metres of new community space, fostering a vibrant city center.
4. Extension of the Geelong Ring Road:
This extension will improve commute times between the northern and southern parts of the region, enhancing overall accessibility and transport efficiency.
Key Assets:
1. Rapid Population Growth in Key Areas:
Armstrong Creek is forecasted to see the strongest growth at 9.06% per year, while Northern and Western Geelong are set to accommodate more than 100,000 new residents.
2. Booming Job Market:
Over 5,000 jobs have been created in the past decade due to a boom in health care and social services, contributing to a dynamic and diverse economy.
3. Strong Property Market:
Geelong’s median house price is $838,814, with Armstrong Creek at $792,757. The construction boom and population growth continue to drive property values higher.
4. World-Class Infrastructure:
Geelong is set to host world-leading infrastructure projects, further solidifying its position as a premier regional hub in Victoria.
5. Tourism and Recreation:
With attractions like the 12 Apostles, Bells Beach, and diverse natural landscapes, Geelong is a major tourism destination, contributing significantly to the local economy.
Conclusion:
Geelong is rapidly positioning itself as one of Australia’s top regional hubs, offering a mix of business, education, and leisure that makes it a property investor's dream. With significant infrastructure investments, rapid population growth, and a booming economy, Geelong’s property market is set for sustained growth. The region’s strategic location, strong job market, and world-class amenities make it an ideal location for property investment. Now is the time to capitalize on Geelong’s dynamic future.
For further information or personalized advice on investments in Geelong, feel free to contact our team at IFS Mentor. Happy investing!