Giving property investors a an average capital gain of 4.47% for the last year, Geelong, 3220 is the 1982th highest performer in Australia in this respect.
Geelong,3220 was ranked 3124 in Australia by increase in median property value over the quarter.
Property buyers and investors in Geelong 3220 should be seeing an average reduction in asking price of around -5.95% . This means that Geelong is holding prices well when compared to other suburbs in VIC.
Using the current median advertised rental of $390 and the average annual increase in value of a median property of 6.77%, investors should hope to achieve an overall return of 3.37%
Property value increases in Geelong have tracked close to the VIC average of 3.19% over the last 12 months.
When looking at the potential capital gains offered to property investors over the last 3 years, Geelong comes in at number 240th in VIC.
Property investors looking for a bargain in Geelong should be aiming for at least -6.51% off the asking price, which is the average vendor discount being achieved at the moment.
The VIC suburb of Geelong, 3220 is in the Greater Geelong local government area.
It’s no surprise that Geelong made Your Investment Property's top 100 in 2012, as this is one town that’s being spoken of with high regard in the property investment world Full summary
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It’s no surprise that Geelong made Your Investment Property's top 100 in 2011, as this is one town that’s being spoken of with high regard in the property investment world.
Looking ahead, the completion of the first stages of the $380m Geelong Ring Road and the mooted regional rail upgrade are expected to attract more Melburnians to this cheaper, quieter satellite city.
“The Geelong ring road has also been under construction for a couple of years,” says hotspotting.com.au founder Terry Ryder. “Geelong used to be a huge traffic bottle neck, so it’s more conceivable for people to live in Geelong and work in Melbourne.”
With median prices creeping up towards outer-Melbourne territory, there are question marks over its long-term growth prospects. That said, its medium-term outlook is strong, but keep an eye on whether local and state government initiatives succeed in putting Geelong on the map as a strong regional employment hub in its own right.