Rapid population growth continues to support vibrant real estate markets across Victoria. Clever investors are cottoning on to the fact that regional cities within striking distance of Melbourne, such as Geelong, are good candidates for property investors who are looking for high growth hotspots.
This is because they are accessible through continuously improving transport links and are self-sufficient hubs for employment opportunities and affordable housing, making for an appealing lifestyle. Geelong is the leader in Victoria with more rising markets than any other area in both regional Victoria and metropolitan Melbourne.
Strongest Performing Suburbs
Geelong was one of the strongest performing regional markets in the country during 2017, with property values increasing by 9.7 per cent according to CoreLogic data. Suburbs performing strongly around Geelong include:
● Clifton Springs – Recording the strongest growth pattern over recent consecutive quarters in the volume of house sales, this quaint coastal area is proving to be a real estate powerhouse.
● Norlane – The northern suburb sitting just by Corio Bay was also ranked in the top 50 rising suburbs for massive development growth. People are looking for large blocks where they can keep the house at the front, lease it and eventually build on the rear section.
● Bell Park and Newcomb – These affordable suburbs close to the Geelong city centre are some of the busiest locations when it comes to real estate activity. This reinforces the idea that the region’s appeal as a cheaper lifestyle alternative to Melbourne is driving popularity.
Other suburbs that can be considered safe bets for investors to buy property include Highton, Lara and Torquay. Meanwhile areas that are still recording high sales include Corio, Drysdale, East Geelong, Grovedale, Hamlyn Heights and Newtown.
Hotspots and Median House Price
According to recent sales data from realestate.com.au, these are the hottest spots around Geelong:
● Armstrong Creek – $482,500
● Bell Park – $417,250
● Belmont – $500,000
● Clifton Springs – $435,000
● Geelong West – $659,000
● Newcomb – $385,000
● Norlane – $309,250
● Waurn Ponds – $553,000
● Highton – $626,500
● Lara – $459,500
● Torquay – $770,000
How to Identify an Area with High Growth Potential
Keep an eye on the wealth of real estate data available if you are serious about investing and finding suburbs with high growth potential. You should also seek investment properties in areas where major infrastructure projects are being planned or currently in the works as these improve the local economy, lifestyle and creates more jobs or opportunities.
Look for areas with low supply and high demand, as this will drive up prices. If the rental yield is rising, it indicates a strong demand for rentals in that area. You should also consider areas with a growing local population, a lot of renovation activity and new cafes, shops, schools and other amenities.
Need Help Investing in Geelong?
If you are considering consulting with a property manager in Geelong or would like more advice about finding investment opportunities in high growth areas, speak to the team at Hayeswinckle.