How is Geelong looking?

Geelong has experienced an incredible transformation over the decades. Once an industrial town, known for manufacturing and in particular, the Ford plant. The challenges Geelong faced during some tough times, (such as the Pyramid Building Society collapse and the Ford plant closure) had some suggesting that this regional city’s capital growth prospects were questionable.

But Geelong has thrived despite these headwinds, and the economic ‘pivot’, as Simon Pressley pointed out is palpable. Over the ten year period from 2012 to 2022, Geelong boasted one of the highest levels of employment growth in the nation. Health, education, and tourism have increased in the region and a short trip down the national highway showcases some reasons why.

The city precinct (including Eastern Beach, Deakin University on the waterfront, the new cafe/bar strip in Little Malop Street, Botanic Gardens at Eastern Park and the city coastal communities) are quite different to what they were in past decades.

Below is Little Malop Street, a laneway speckled with cafes, restaurants and bars that seemed to emerge out of nowhere just before COVID. The locals have embraced it, but day-trippers and weekend visitors enjoy it too.

In line with the change of industries and employment opportunities, Geelong’s population growth has been impressive too. COVID saw an incredible appetite for the region, and while some Melburnians have opted to return to the capital city, demand still exists for tree-changers and sea-changers alike.

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Many owner-occupiers have turned to Geelong for value. Given the relatively short commute time, the quality of education and health, and the stunning surrounds, (including the Bellarine Peninsula and the Surf Coast), it’s little wonder why it’s been a viable option for so many. I wrote a few years back about Geelong being “one to watch” and I contrasted the commute distance to NSW’s Sydney to Wollongong and Sydney to Newcastle.

As Melbourne continues to grow, the expansion of our city fringes spells long commutes to and from work for many. It isn’t uncommon for buyers to question the practicality of this lifestyle and to consider an established, higher amenity option such as Geelong.

“If I’m driving for over an hour anyway, why not consider a move to our second biggest city?” is often their thinking.

In terms of value, Geelong’s offering is still a stark discount when compared to Melbourne equivalents. Take these recent sales below for example.

This three bedroom, period family home is located in Geelong West. It has a car space on title, a north facing backyard, and a renovated interior with ensuite included. It sold recently for just under one million dollars. Popular Pakington Street is within walking distance, and central Geelong train station is another fifteen minutes’ walk beyond the cafe strip. An equivalent property in Melbourne would come at a cost that most couldn’t afford.

For those who enjoy the city scene and prefer to target apartment living, this modern two bedroom apartment recently sold for circa $500,000. While it offers a car space on title, the walkability from this location could enable it’s inhabitant to be car-less if they chose.

And for those who love the idea of both the coast and the city, Rippleside is one of the region’s best kept secrets. This tiny suburb sits just to the north west of the CBD and developers have also recently discovered it. A period, family home is the typical offering for the area, although some older apartments and new townhouses are also options in Rippleside. This four bedroom family home recently sold for $1,200,000 and it is an easy stroll to the beach clifftop and paths down to the water.

And for those on a sub-$600,000 budget, looking to secure a family home near to the city, Geelong has some gentrifying areas that offer great amenity. Many first home buyers are targeting this price point in an effort to receive the full stamp duty concession, and Bell Park is one of a few suburbs to consider. This updated three bedroom house on 618sqm, offering a north facing rear and a quick drive to North Geelong station sold recently for $580,000.

I don’t expect Geelong to perform at the heady heights of the pandemic rush again, but this exciting regional city has plenty of draw cards for those seeking value and lifestyle. The stage three tax cuts could be interesting for Geelong property, particularly given the price points that could be impacted by family and upgrader buyers.

It’s still one to watch….

Special thank you to my friend, Simon Pressley, who has gathered and analysed amazing data on Geelong, and he has generously shared with me.

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https://www.propertyology.com.au/from-rags-to-riches-real-estate-boom-premierships/