Geelong is in the bottom 10% in VIC when comparing median price capital growth over the last year. Geelong gave property investors a dismal capital gain figure when compared to the rest of the state, with -4.18%.
While Geelong,3220 ranked number 665th in VIC for increase in median house value (annualised) increase, it is ranked 458th over the last 5 years.
Property buyers and investors in Geelong 3220 should be seeing an average reduction in asking price of around -6.11% . This means that Geelong is holding prices well when compared to other suburbs in VIC.
With the median price for a house in Geelong being $572500 and the advertised rent reaching $395 the gross rental yield for property investors calculates out to be 3.59%
Property investors who have had real estate in Geelong, 3220 should be ok with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 2.15%
Geelong,3220 has offered an average of 2.15% return per annum in house price rises to property investors over the last three years.
When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Geelong, 3220. Typically our figures indicate that -6.71% is being offered, which puts this VIC suburb at 317th most discounted overall in Australia.
At number 896 in a list of fastest selling suburbs, Geelong is in the bottom 40% of suburbs in Australia with an average of days on market 86.3 for properties listed there.
Using the current median advertised rental of $350 and the average annual increase in value of a median property of 4.75%, investors should hope to achieve an overall return of 3.83%
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.