Welcome to this fortnight’s blog and there’s a change of pace today.
Today, we are taking a closer look at one of the areas that most interests Nyko in 2017 and which we have been recommending to our clients.
This location is situated in the beautiful regional centre of Geelong, 65km south-west of Melbourne along Victoria’s most pristine coastline.
There’s no argument that some of Victoria’s best beaches can be found here, with the Great Ocean Road a mere 15km away, one of Australia’s and the world’s most scenic drives. Geelong has risen to become a major destination for lifestyle, whether you are a first home buyer seeking an affordable home or you are simply looking for a beautiful part of the country to settle down or invest in, close to the ocean.
Geelong has a population of just over 220,000 people and this is set to increase to almost 320,791 by 2036, an increase of 34 per cent in less than 20 years.
With amazing beaches, schools, shopping precincts and recreational facilities all within the local area, it’s no wonder Geelong is so highly sought after.
Geelong is also experiencing a job creation bonanza, with approximately 10,000 jobs being created since 2006. With the population projected to rapidly grow over the next decade, this has resulted in an infrastructure boom of almost $1.3B, with a further $2.3B worth of infrastructure on the drawing board.
This infrastructure boom has increased demand even further and resulted in a tight vacancy rate of just 1.7%.
The housing packages available in Geelong are in the new suburb of Armstrong Creek, located just 7km west from Geelong and 10km from the beautiful seaside suburb of Torquay. Located west of Geelong’s CBD and just past some of Geelong’s most expensive suburbs including Newtown and Belmont.
Travelling is also a breeze with the VLine express train service, which skips the suburban train stations and reducing the commute to the Melbourne CBD to only 1 hour and 5 minutes. This is a very reasonable travel time when you consider many parts of Melbourne are an hour drive to the Melbourne CBD within a 15-20km radius.
One of the great selling points for Geelong is the price point. Four bedroom, two bathrooms and two car homes in the area are valued in the early to mid-$400,000’s, making this very affordable for first home owners and sea changes alike.
With the VIC government providing a $20,000 regional First Home Owner Grant and no stamp duty payable for first home buyers, that makes it the equivalent of approximately $40,000 worth of grants.
This is likely to drive prices even further in Geelong, with reports that prices may reach $600,000 by 2020!
With strong population growth, a major infrastructure boom and new job creation, investing in property in Geelong makes a fantastic opportunity for all buyer types.
If you have any questions on Geelong or would like to find out more, don’t hesitate to contact the Nyko office or your Relationship Manager.